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Анализ кредитоспособности предприятия

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NIAeA?AEAIEA

Aaaaeaiea

1. Iiiyoea e e?eoa?ee e?aaeeoiniiniaiinoe i?aaei?eyoey

2. Iauee aiaeec e?aaeeoiniiniaiinoe i?aaei?eyoey

Ninoaaeaiea aa?aae?iaaiiiai aaeaina

?an/ao nenoaiu oeiainiauo eiyooeoeeaioia

Eiyooeoeeaio ieaoaaeaniiniaiinoe

Eiyooeoeeaio eeeaeaeiinoe

Iai?ioiue eaieoae

Eiyooeoeeaiou yooaeoeaiinoe (iai?a/eaaaiinoe)

Eiyooeoeeaiou oeiainiaiai eaaa?aaeaea

Eiyooeoeeaiou i?eaueueiinoe

Eiyooeoeeaio ianeoaeeaaiey aeieaa

Ioeaiea aeaeiaie aeoeaiinoe i?aaei?eyoey

Aiaeec aeaiaaeiiai iioiea

Aiaeec aeaeiaiai ?enea

Noaoenoe/aneea i?iaiiciua iiaeaee

Ii?aaeaeaiea eeanna e?aaeeoiniiniaiinoe i?aaei?eyoey

?aeoeiaiaay ioeaiea i?aaei?eyoey

Caeeth/aiea

I?eeiaeaiea 1

I?eeiaeaiea 2

I?eeiaeaiea 3

I?eeiaeaiea 4

AAAAeAIEA

Caaea/e ei?aiiiai oeo/oaiey ooieoeeiie?iaaiey e?aaeeoiiai iaoaiecia
auaeaeaatho ia ia?aue ieai iaiaoiaeeiinoue iainiiaaiey eniieueciaaiey
yeiiiie/aneeo iaoiaeia oi?aaeaiey e?aaeeoii e aaieaie , i?eaioe?iaaiiuo
ia niaethaeaiea yeiiiie/aneeo a?aieoe e?aaeeoa. Yoi iicaieeo
i?aaeioa?aoeoue iaii?aaaeaiiua n oi/ee c?aiey aeaiaaeiiai ia?auaiey e
ia?iaeiiai oicyenoaa e?aaeeoiua aeiaeaiey, eo no?oeoo?iua naeaeae,
iaania/eoue naiaa?aiaiiue aica?ao nnoae, /oi eiaao aaaeiia cia/aiea aeey
iiauoaiey yooaeoeaiinoe eniieueciaaiey iaoa?eaeueiuo e aeaiaaeiuo
?ano?nia.

?anniio?aiea i?iaeai aiaeeca e?aaeeoiniiniaiinoe ia nia?aiaiiii yoaia
?acaeoey e?aaeeoiiai ?uiea a ?O i?aaenoaaeyao aieueoie eioa?an aeey
aaieia. A yoie iaeanoe iaiaoiaeeiu eae na?ueaciua oai?aoe/aneea e
noaoenoe/aneea enneaaeiaaiey, oae e iniuneaiea ie?iaiai iiuoa.

Ia?aae e?aaeeoiuie o/?aaeaeaieyie iinoiyiii noieo caaea/a auai?a
iieacaoaeae aeey ii?aaeaeaiey niiniaiinoe caaiueea auiieieoue naie
iaycaoaeuenoaa ii naiaa?aiaiiiio e iieiiio aica?aoo e?aaeeoa.

Naaiaeiy yoa i?iaeaia i?eia?aea iniaoth ino?ioo: yeiiiie/aneea
o?oaeiinoe na?ueaciui ia?acii io?aceeenue ia aeayoaeueiinoe eiiia?/aneeo
aaieia. Iauayeiiiie/aneay ooieoeey aaieia ii o?ainoi?iaoeee ?eneia
nouanoaaiii ineaaea. I?in?i/aiiay caaeieaeaiiinoue ii nnoaeai
i?iaeieaeaao ?anoe aunieeie oaiiaie.

E?aaeeoiay aeayoaeueiinoue eiiia?/aneeo aaieia ia?yaeo n oyaeaeie
yeiiiie/aneie neooaoeeae ineiaeiyaony ionoonoaeai o iiiaeo ec ieo
io?aaioaiiie iaoiaeeee ioeaiee e?aaeeoiniiniaiinoe, iaaeinoaoi/iinoueth
eioi?iaoeeiiiie aacu aeey iieiioeaiiiai aiaeeca oeiainiaiai ninoiyiey
eeeaioia. Aieueoeinoai n?aaeieo e iaeeeo aaieia aiiaua ia eiaao
aeieaeiiai aiaeeoe/aneiai aiia?aoa e ia iiaeaea?aeeaaao naycue ni
niaoeeaeueiuie eioi?iaoeeiiiuie, aiaeeoe/aneeie e eiinaeoeiaiauie
neoaeaaie, naaaeaiey eioi?uo iicaieytho iieo/eoue aieaa oi/ioth ioeaieo
e?aaeeoiniiniaiinoe caaiueeia.

Iieiue oeiainiaue aiaeec aeey ioeaiee e?aaeeoiniiniaiinoe i?aaei?eyoey
neeaaeuaaaony, eae i?aaeei, ec o?ao /anoae: aiaeeca aai oeiainiauo
?acoeueoaoia, oeiainiaiai ninoiyiey e aeaeiaie aeoeaiinoe. I?e yoii
iaiaoiaeeii o/eouaaoue, /oi niaea?aeaiea e aeoeaiou oeiainiaiai aiaeeca
aeayoaeueiinoe i?aaei?eyoey caaenyo io oeaee aai i?iaaaeaiey. Aeey aaiea
iao iaiaoiaeeiinoe i?iaiaeeoue oeiainiaue aiaeec i?aaei?eyoey n aunieie
noaiaiueth aeaoaeecaoeee, iineieueeo i?e e?aaeeoiaaiee aeaaiie oeaeueth
aaiea yaeyaony ioeaiea e?aaeeoiniiniaiinoe caaiueea e ia?niaeoea
onoie/eainoe aai oeiainiaiai iieiaeaiey ia n?ie iieueciaaiey e?aaeeoii.
Ii a neo/aa, eiaaea aiaeec i?iaiaeeony naiei i?aaei?eyoeai aeey
auyaeaiey naieo «neaauo iano», aiciiaeiinoae iiauoaiey yooaeoeaiinoe
aeayoaeueiinoe, ono?aiaiey ioeaie a i?iecaiaenoaaiiii i?ioeanna e
ii?aaeaeaiey aeaeueiaeoaai iai?aaeaiey ?acaeoey, oeacaiiua ninoaaiua
/anoe aeaoaeece?othony aei i/aiue iaeeeo aniaeoia ooieoeeiie?iaaiey
i?aaei?eyoey.

Oeaeueth aeaiiie ?aaiou yaeyaony i?iaaaeaiea aiaeeca e?aaeeoiniiniaiinoe
IAI «Aeaaeiioeaai?iaeoeo» ia iniiaa niaiauaiey ioa/anoaaiiuo e
ca?oaaaeiuo aeueoa?iaoeaiuo iaoiaeee, nei??aeoe?iaaiiuo a nayce ni
niaoeeoeeie aeayoaeueiinoe aeaiiiai i?aaei?eyoey, ninoiyieai nia?aiaiiie
oeiainiaie io/aoiinoe e iniaaiiinoyie ?acaeoey ?uii/iuo ioiioaiee a ?O.
IIIssOEA E E?EOA?EE E?AAeEOINIINIAIINOE

I?AAeI?EssOEss

Iiae e?aaeeoiniiniaiinoueth neaaeoao iiieiaoue oaeia
oeiainiai-oicyenoaaiiia ninoiyiea i?aaei?eyoey, eioi?ia aeaao
oaa?aiiinoue a yooaeoeaiii eniieueciaaiee caaiiuo n?aaenoa, niiniaiinoue
e aioiaiinoue caaiueea aa?iooue e?aaeeo a niioaaonoaee n oneiaeyie
aeiaiai?a. Eco/aiea aaieaie ?aciiia?aciuo oaeoi?ia, eioi?ua iiaoo
iiaea/ue ca niaie iaiiaaoaiea e?aaeeoia, eee, iai?ioea iaania/eaatho eo
naiaa?aiaiiue aica?ao, ninoaaeytho niaea?aeaiea aaieianeiai aiaeeca
e?aaeeoiniiniaiinoe.

E?aaeeoiniiniaiinoue caaiueea a ioee/ea io aai ieaoaaeaniiniaiinoe ia
oeene?oao iaieaoaaee ca enoaeoee ia?eiae eee ia eaeoth-eeai aeaoo, a
i?iaiice?oao niiniaiinoue e iiaaoaieth aeieaa ia aeeaeaeooth
ia?niaeoeao. Noaiaiue iaieaoaaeaniiniaiinoe a i?ioeii yaeyaony iaeiei ec
oi?iaeueiu iieacaoaeae, ia eioi?ua iie?athony i?e ioeaiea
e?aaeeoiniiniaiinoe eeeaioa. Anee caaiuee eiaao i?in?i/aiioth
caaeieaeaiiinoue, a aaeain eeeaeaeai e aeinoaoi/ai ?acia? nianoaaiiiai
eaieoaea, oi ?aciaay caaea?aeea ieaoaaeae aaieo a i?ioeii ia yaeyaony
iniiaaieai aeey caeeth/aiey i iae?aaeeoiniiniaiinoe eeeaioa.
E?aaeeoiniiniaiua eeeaiou ia aeiioneatho aeeeoaeueiuo iaieaoaaeae aaieo,
iinoaaueeai, athaeaeaoo.

O?iaaiue e?aaeeoiniiniaiinoe eeeaioa naeaeaoaeuenoaoao i noaiaie
eiaeeaeaeoaeueiiai (/anoiiai) ?enea aaiea naycaiiiai n auaea/ae
eiie?aoiie nnoaeu eiie?aoiiio caaiueeo.

A nayce n oai /oi i?aaei?eyoey cia/eoaeueii ?acee/athony ii oa?aeoa?o
naiae i?iecaiaenoaaiiie e oeiainiaie aeayoaeueiinoe, nicaeaoue aaeeiua
oieaa?naeueiua e en/a?iuaathuea iaoiaee/aneea oeacaiey ii eco/aieth
e?aaeeoiniiniaiinoe e ?an/aoo niioaaonoaothueo iieacaoaeae ia
i?aaenoaaeyaony aiciiaeiui. Yoi iiaeoaa?aeaeaaony i?aeoeeie iaoae
no?aiu. A nia?aiaiiie iaaeaeoia?iaeiie i?aeoeea oaeaea ionoonoaotho
oaa?aeua i?aaeea ia yoio n/ao, oae eae o/anoue ana iiiai/eneaiiua
niaoeeoe/aneea iniaaiiinoe eeeaioia i?aeoe/anee iaaiciiaeii.

Iniiaiay oeaeue aiaeeca e?aaeeoiniiniaiinoe ii?aaeaeeoue niiniaiinoue e
aioiaiinoue caaiueea aa?iooue cai?aoeaaaioth nnoaeo a niioaaonoaee n
oneiaeyie e?aaeeoiiai aeiaiai?a. Aaie aeieaeai a eaaeaeii neo/aa
ii?aaeaeeoue noaiaiue ?enea, eioi?ue ii aioia acyoue ia naay e ?acia?
e?aaeeoa eioi?ue iiaeao auoue i?aaeinoaaeai a aeaiiuo ianoiyoaeuenoaao.

Ie?iaay e ioa/anoaaiiay aaieianeay i?aeoeea iicaieeea auaeaeeoue
e?eoa?ee e?aaeeoiniiniaiinoe eeeaioa: oa?aeoa? eeeaioa, niiniaiinoue
ca?aaioaoue n?aaenoaa a oiaea oaeouae aeayoaeueiinoe aeey iiaaoaiey
aeieaa (oeiainiaua aiciiaeiinoe), eaieoae, iaania/aiea e?aaeeoa,
oneiaey, a eioi?uo niaa?oaaony e?aaeeoiay naeaeea, eiio?ieue
(caeiiiaeaoaeueiay iniiaa aeayoaeueiinoe caaiueea, niioaaonoaea
oa?aeoa?a nnoaeu noaiaea?oai aaiea e i?aaiia iaaeci?a).

Iiae oa?aeoa?ii eeeaioa iiieiaaony aai ?aiooaoeey eae th?eaee/aneiai
eeoea e ?aiooaoeey iaiaaeaea?ia, noaiaiue ioaaonoaaiiinoe eeeaioa ca
iiaaoaiea aeieaa, /aoeinoue aai i?aaenoaaeaiey i oeaee e?aaeeoa,
niioaaonoaea aa e?aaeeoiie iieeoeea aaiea.

IAI Aeaaeiioeaai?iaeoeo eae th?eaee/aneia eeoei eiaao iaieiooth
?aiooaoeeth, oae eae oaea ieiei 60 eao ooieoeeiie?oao a noa?a
i?iecaiaenoaa ioee e aa nauoa, e?iia oiai i?aaei?eyoea nio?aiyao
aeiaieueii onoie/eaia iieiaeaiea ianiio?y ia iauaa aaie?ionoai e?oiiuo
i?aaei?eyoee ?innee e ia i?ioiaeyuea a?aiy io a?aiaie yeiiiie/aneea
e?ecenu.

Iiieii yoiai IAI Aeaaeiioeaai?iaeoeo eiaao aeinoaoi/ii i?eaieaioth aeey
iieo/aiey caeia e?aaeeoioth enoi?eth, oae eae aieueooth /anoue naiae
e?aaeeoi?neie caaeieaeaiiinoe iiaaoaao a n?ie ia oiia iianaianoiie
iae?aaeeoiniiniaiinoe ae?oaeo i?aaei?eyoee. Aeaaeiioeaai?iaeoeo
iieuecoaony oi?ioae ?aiooaoeeae n?aaee naie iinoaaueeia e iieoiaoaeae,
oae eae iinoaaee nu?uey e iaoa?eaeia iiea/eaaao aia?aiy, a i?iaeoeoeeth
auioneaao aeinoaoi/ii aunieiai ea/anoaa.

Iaeiei ec iniiaiuo e?eoa?eaa e?aaeeoiniiniaiinoe eeeaioa yaeyaony aai
niiniaiinoue ca?aaaouaaoue n?aaenoaa aeey iiaaoaiey aeieaa a oiaea
oaeouae aeayoaeueiinoe. Caeanue oeaeaniia?acii i?eaioe?iaaoueny ia
eeeaeaeiinoue aaeaina, yooaeoeaiinoue (i?eaueueiinoue) aeayoaeueiinoe
caaiueea, aai aeaiaaeiua iioiee.

Eaieoae i?aaei?eyoey yaeyaony ia iaiaa aaaeiui e?eoa?eai
e?aaeeoiniiniaiinoe i?aaei?eyoey. I?e yoii aaaeiu neaaeothuea aeaa
aniaeoa aai ioeaiee. 1) aai aeinoaoi/iinoue, eioi?ay aiaeece?oaony ia
iniiaa o?aaiaaiee Oeaio?aeueiiai aaiea e ieieiaeueiiio o?iaith onoaaiiai
oiiaea (aeoeeiia?iiai eaieoaea) e eiyooeoeeaioia oeiainiaiai eaaa?aaeaea
2) noaiaiue aeiaeaiey nianoaaiiiai eaieoaea a e?aaeeooaioth iia?aoeeth,
/oi naeaeaoaeuenoaoao i ?ani?aaeaeaiee ?enea iaaeaeo aaieii e caaiueeii.
*ai aieueoa aeiaeaiey nianoaaiiiai eaieoaea, oai aieueoa e
caeioa?aniaaiiinoue caaiueea a ouaoaeueiii ioneaaeeaaiee oaeoi?ia
e?aaeeoiiai ?enea.

Iiae iaania/aieai e?aaeeoa iiieiaaony noieiinoue aeoeaia caaiueea e
eiie?aoiue aoi?e/iue enoi/iee iiaaoaiey aeieaa (caeia, aa?aioey,
ii?o/eoaeuenoai, no?aoiaaiea), i?aaeoniio?aiiue a e?aaeeoiii aeiaiai?a.
Anee niioiioaiea noieiinoe aeoeaia e aeieaiauo iaycaoaeuenoa eiaao
cia/aiea aeey iiaaoaiey nnoaeu aaiea a neo/aa iauyaeaiey caaiueea
aaie?ioii, oi ea/anoai eiie?aoiiai aoi?e/iiai enoi/ieea aa?aioe?oao
auiieiaiea ei naieo iaycaoaeuenoa a n?ie i?e oeiainiauo cao?oaeiaieyo.
Ea/anoai caeiaa, iaaeaaeiinoue aa?aioa, ii?o/eoaey e no?aoiaaoaey
iniaaiii aaaeiu i?e iaaeinoaoi/iii aeaiaaeiii iioiea o eeeaioa aaiea
(i?iaeaiao n eeeaeaeiinoueth aai aaeaina eee iaaeinoaoi/iinoueth
eaieoaea).

E oneiaeyi, a eioi?uo niaa?oaaony e?aaeeoiay iia?aoeey, ioiinyony
oaeouay eee i?iaiiciay yeiiiie/aneay neooaoeey a no?aia, ?aaeiia e
io?anee, iieeoe/aneea oaeoi?u. Yoe oneiaey ii?aaeaeytho noaiaiue
aiaoiaai ?enea aaiea e o/eouaathony i?e ?aoaiee aii?ina i noaiaea?oao
aaiea aeey ioeaiee aeaiaaeiiai iioiea, eeeaeaeiinoe aaeaina,
aeinoaoi/iinoe eaieoaea, o?iaiy iaiaaeaeiaioa caaiueea.

Eae ecaanoii oaeouay e i?iaiiciay yeiiiie/aneay e iieeoe/aneay neooaoeey
a no?aia nae/an naiay iaaeaaii?eyoiay, iiyoiio aaiee a neaaenoaea e?aeia
aunieie noaiaie aiaoiaai ?enea i?aeoe/anee ia caieiathony e?aaeeoiaaieai
i?aaei?eyoee, e?iia oao eioi?ua yaeythony noa?uie e iaaeaaeiuie
eeeaioaie yoiai aaiea.

Iineaaeiee e?eoa?ee — eiio?ieue ca caeiiiaeaoaeueiuie iniiaaie
aeayoaeueiinoe caaiueea e niioaaonoaeai aai noaiaea?oai aaiea
iaoeaeeaaao aaiee?a ia iieo/aiea ioaaoia ia neaaeothuea aii?inu: eiaaony
ee caeiiiaeaoaeueiay e ii?iaoeaiay iniiaa aeey ooieoeeiie?iaaiey
caaiueea e inouanoaeaiey e?aaeeooaiiai ia?ii?eyoey, eae iiaeeyao ia
?acoeueoaou aeayoaeueiinoe caaiueea iaeeaeaaiia eciaiaiea
caeiiiaeaoaeuenoaa (iai?eia?, iaeiaiaiai), ianeieueei naaaeaiey i
caaiueea e nnoaea, niaea?aeaueany a e?aaeeoiie cayaea, ioaa/atho
noaiaea?oai aaiea, caoeene?iaaiiui a aeieoiaioa i e?aaeeoiie iieeoeea, a
oaeaea noaiaea?oai i?aaiia aaieianeiai iaaeci?a, eiio?iee?othuaai
ea/anoai nnoae.

Eceiaeaiiua e?eoa?ee ioeaiee e?aaeeoiniiniaiinoe eeeaioa aaiea
ii?aaeaeytho niaea?aeaiea niiniaia aa ioeaiee. E /eneo yoeo niiniaia
ioiinyony:

ioeaiea aeaeiaiai ?enea;

ioeaiea iaiaaeaeiaioa;

ioeaiea oeiainiaie onoie/eainoe i?aaei?eyoey ia iniiaa nenoaiu
oeiainiauo eiyooeoeeaioia;

aiaeec oeiainiaiai iioiea;

nai? eioi?iaoeee i eeeaioa;

iaaethaeaiea ca ?aaioie i?aaei?eyoey iooai auoiaea ia ianoi.

Ianiio?y ia aaeeinoai e?eoa?eaa e niiniaia ioeaiee, nouanoaoao
niaoeeoeea a aiaeeca e?aaeeoiniiniaiinoe th?eaee/aneeo e oece/aneeo
eeoe, e?oiiuo, n?aaeieo, e iaeeeo eeeaioia. Yoa niaoeeoeea caeeth/aaony
a eiiaeiaoeee i?eiaiyaiuo niiniaia ioeaiee, a oaeaea a eo niaea?aeaiee.

2. IAUEE AIAEEC E?AAeEOINIINIAIINOE

Eeanne/aneei iiaeoiaeii e ioeaiea e?aaeeoiniiniaiinoe n/eoaaony aiaeec
oeiainiaiai iieiaeaiey caaiueea ii aooaaeoa?neiio aaeaino.

Iniiaiie enoi/iee eioi?iaoeee aeey inouanoaeaiey aiaeeca oeiainiaiai
ninoiyiey i?aaei?eyoey — yoi oi?ia ? 1 aeey aiaeiaie e ia?eiaee/aneie
aooaaeoa?neie io/aoiinoe i?aaei?eyoey «Aooaaeoa?neee aaeain» e oi?ia ? 2
aeey aiaeiaie e eaa?oaeueiie aooaaeoa?neie io/aoiinoe «Io/ao i
oeiainiauo ?acoeueoaoao».

Iaeiaei aooaaeoa?neay io/aoiinoue ia yaeyaony aaeeinoaaiiui enoi/ieeii
eioi?iaoeee aeey aiaeeca e?aaeeoiniiniaiinoe. Oai ia iaiaa, iineieueeo
n?aaee i?i/eo aooaaeoa?neea aeaiiua iaeaaeatho aunieie noaiaiueth
aeinoiaa?iinoe, aooaaeoa?neee aaeain n/eoaaony iniiaiiieaaathuei
enoi/ieeii aeey i?iaaaeaiey oaeiai aiaeeca.

Iauee aiaeec e?aaeeoiniiniaiinoe caaiueea yaeyaony ia?aui ec aeaoo
iniiaiuo yoaiia aiaeeca e?aaeeoiniiniaiinoe i?aaei?eyoey caaiueea e
?acoeueoaoii aai yaeyaony ninoaaeaiea iienaiey oeiainiaiai ninoiyiey
i?aaei?eyoey-caaiueea n oeacaieai niaoeeoe/aneeo iniaaiiinoae
i?aaei?eyoey e ioeaieie aai oeiainiaiai iieiaeaiey.

Ia aeaiiii yoaia, /oiau iieo/eoue iienaiea oeiainiaiai ninoiyiey
caaiueea, ioaeii: ninoaaeoue aa?aae?iaaiiue aaeain i?aaei?eyoey;
?ann/eoaoue nenoaio oeiainiauo eiyooeoeeaioia ia iniiaa aa?aae?iaaiiuo
iieacaoaeae aaeaina e i?iaanoe e aiaeec; naeaeaoue aiaeec aeaiaaeiiai
iioiea: ioeaieoue aeaeiaoth aeoeaiinoue e aeaeiaie ?ene i?aaei?eyoey;
naeaeaoue i?iaiic oeiainiaiai ninoiyiey i?aaei?eyoey n iiiiuueth
noaoenoe/aneeo iiaeaeae.

Anoanoaaiii, /oi i?eaiaey ioeaieo e?aaeeoiniiniaiinoe iaiaoiaeeii
o/anoue, /oi yeiiiieee ?aciuo no?ai, iaoiaeynue a iinoiyiiii ?acaeoee,
nouanoaaiii ioee/athony ae?oa io ae?oaa, a?yae ee iiaeii aiai?eoue i
eaeeo-eeai eiie?aoiuo ii?iao eee iioeiaeueiuo cia/aieyo oeiainiauo
iieacaoaeae. I?eiaiyy oa eee eiua iieacaoaee e eiyooeoeeaiou, aaiee, a
eaeeo au no?aiao iie ie iaoiaeeeenue, naie ii?aaeaeytho e?eoa?ee ioeaiee
e cia/aiee.

Iiaeai? yoeo iieacaoaeae a aeaiiie ?aaioa inouanoaeyaony a oeaeyo eo
eniieueciaaiey ?inneeneeie eiiia?/aneeie aaieaie e naieie i?aaei?eyoeyie
n o/aoii ia?aie/aiiinoe eioi?iaoeeiiiie aacu aeey aiaeeca
e?aaeeoiniiniaiinoe i?aaei?eyoee a iuiaoieo yeiiiie/aneeo oneiaeyo a
?innee.

I?e yoii oioaeinue au ioiaoeoue, /oi aaeeiuo iiaeoiaeia e ii?aaeaeaieth
?anniao?eaaaiuo iieacaoaeae ia nouanoaoao. Aieaa oiai, a eiyooeoeeaiou n
iaeiei e oai aea iacaaieai ioaeaeueiua yeiiiienou aeeaaeuaatho ?acee/iue
yeiiiie/aneee niune, en/eneytho e o?aeootho eo ii-?aciiio. Ai iiiaii yoi
iauyniyaony ionoonoaeai /aoeie nenoaiu oeiainiauo iieacaoaeae.

I?aaeeaaaaiua ieaea iieacaoaee ?ann/eoaiu ia eo eniieueciaaiea i?e
aiaeeca aaeaina-iaooi.

2.2.1 Eiyooeoeeaio ieaoaaeaniiniaiinoe

Anee ioeaieaaoue oeiainiaia ninoiyiea i?aaei?eyoey n oi/ee c?aiey
e?aoein?i/iie ia?niaeoeau, oi e?eoa?eyie ioeaiee oeiainiaiai ninoiyiey
aoaeoo — eeeaeaeiinoue e ieaoaaeaniiniaiinoue i?aaei?eyoey.

Iiae ieaoaaeaniiniaiinoueth i?aaei?eyoey iiieiatho aai niiniaiinoue e
aioiaiinoue naiaa?aiaiii e a iieiii iauaia i?iecaanoe ?an/aou ii
e?aaeeoi?neie caaeieaeaiiinoe o?aaothuae iaiaaeeaiiiai iiaaoaiey
aeaiaaeiuie n?aaenoaaie e eo yeaeaaeaioaie, eiathueieny a aai
?anii?yaeaiee.

Iniiaiuie i?eciaeaie ieaoaaeaniiniaiinoe yaeythony: a) iaee/ea a
aeinoaoi/iii iauaia n?aaenoa ia ?an/aoiii n/aoa; a)ionoonoaea
i?in?i/aiiie e?aaeeoi?neie caaeieaeaiiinoe.

*oi eanaaony oaeouae ieaoaaeaniiniaiinoe, oi i?aaei?eyoea n/eoaaony
ieaoaaeaniiniaiui, anee noiia oaeoueo aeoeaia (caiania e cao?ao,
aeaiaaeiuo n?aaenoa, aeaaeoi?neie caaeieaeaiiinoe e ae?.) aieueoa aai
aiaoieo iaycaoaeuenoa e?aoein?i/iiai oa?aeoa?a eee ?aaia ei.

Oaeei ia?acii, oi?iaeueii iieacaoaeue ieaoaaeaniiniaiinoe iiaeii
i?aaenoaaeoue a neaaeothuai aeaea:

ieaoaaeaniiniaiinoue = oaeouea aeoeau – e?aoein?i/iay caaeieaeaiiinoue

I?iecaaaey ?an/ao iieacaoaey ieaoaaeaniiniaiinoe IAI Aeaaeiioeaai?iaeoeo
(ni. oaae 1), iiaeii aiai?eoue ia ia?aue acaeyae i noaaeeueiie
ieaoaaeaniiniaiinoe i?aaei?eyoey a oa/aiee 3-o eao. Ii i?e yoii iiaeao
ieacaoueny aanueia oeaeaniia?aciui aiaeec ioaeaeueiuo oaeoi?ia,
aeeythueo ia iieacaoaeue ieaoaaeaniiniaiinoe, eo aaniethoiuo eciaiaiee.

Aeaaiui i?eciaeii ia?ooaiey ieaoaaeaniiniaiinoe IAI Aeaaeiioeaai?iaeoeo
yaeyaony iaee/ea iaieaoaaeae. I iaieaoaaeaniiniaiinoe iiaoo
naeaeaoaeuenoaiaaoue, iiieii aeaiiuo oi?iu ? 5 «Aeaeaeaiea caaiiuo
n?aaenoa», i e?aoein?i/iuo caeiao ia iiaaoaiiuo a n?ie, iia?aoeaiua
naaaeaiey i caaea?aeeao auieao ca?aaioiie ieaou. Ieaoaaeae a athaeaeao,
iieaou ?an/aoiuo aeieoiaioia.

Aiai?y i ieaoaaeaniiniaiinoe, neaaeoao anaaaea eiaoue aaeaeo, /oi
iaee/ea caiania ia i?aaei?eyoee ia aa?aioe?oao ?aaeueiie aiciiaeiinoe
iiaaoaiey aai aiaoieo aeieaia, iineieueeo a oneiaeyo ?uii/iie yeiiiieee
caianu iacaaa?oaiiiai i?iecaiaenoaa, aioiaie i?iaeoeoeee e ae?oaeo
oiaa?ii-iaoa?eaeueiuo oeaiiinoae i?e aaie?ionoaa iiaoo ieacaoueny
o?oaeii ?aaeecoaiuie (ia aiai?y oaea i oii, /oi /anoue eo i?inoi
iaeeeaeaeiu, oioy e cia/aony ii aeaiiui aaeaina eae caianu).

Nouanoaoao aeaa iniiaiuo niiniaa i?iaa?ee ieaoaaeaniiniaiinoe
i?aaei?eyoey:

?an/ao eiyooeoeeaioia eeeaeaeiinoe (yoio niinia oe?iei ?ani?ino?aiai ia
i?aeoeea, ii iaiaa oi/ai, /ai aoi?ie).

Ninoaaeaiea ?an/aoiiai aaeaina i?aaei?eyoey, /oi aeaao aieaa
aeinoiaa?iua aeaiiua i aiciiaeiinoe aicieeiiaaiey iaieaoaaeae
i?aaei?eyoey ia eiie?aoiua eaeaiaea?iua aeaou, iaeiaei ia i?aeoeea yoio
iaoiae o?oaeii?aaeecoai.

2.2.2. Eeeaeaeiinoue.

Iiae eeeaeaeiinoueth iiieiaaony niiniaiinoue i?aaei?eyoey auiieiyoue
naie iaycaoaeuenoaa ii anai aeaeai ieaoaaeae. E?iia oiai eeeaeaeiinoue —
yoi niiniaiinoue iai?ioiuo n?aaenoa i?aa?auaoueny a iaee/iinoue,
iaiaoiaeeioth aeey ii?iaeueiie oeiainiai-oicyenoaaiiie aeayoaeueiinoe.
N/eoaaony, /oi iieacaoaee eeeaeaeiinoe iaeaieaa aaaeiu ec anao
aiaeeoe/aneeo iieacaoaeae e?aaeeoiniiniaiinoe caaiueea.

Iniiaiui iieacaoaeai eeeaeaeiinoe yaeyaony eiyooeoeeaio oaeouae
eeeaeaeiinoe, eioi?ue iieacuaaao niiniaai ee caaiuee a i?eioeeia
?ann/eoaoueny ii naiei aeieaiaui iaycaoaeuenoaai e ?ann/eouaaaony ii
oi?ioea:

,

Eiyooeoeeaio oaeouae eeeaeaeiinoe i?aaeiieaaaao niiinoaaeaiea oaeoueo
aeoeaia, o.a. n?aaenoa, eioi?uie ?aniieaaaao eeeaio a ?acee/iie oi?ia
(aeaiaaeiua n?aaenoaa, aeaaeoi?neay caaeieaeaiiinoue iaooi aeeaeaeoeo
n?ieia iiaaoaiey, noieiinoe caiania oiaa?ii-iaoa?eaeueiuo oeaiiinoae e
i?i/eo aeoeaia), n oaeoueie ianneaaie, o.a. iaycaoaeuenoaaie aeeaeaeoeo
n?ieia iiaaoaiey (nnoaeu, aeiea iinoaaueeai, ii aaenaeyi, athaeaeaoo,
?aai/ei e neoaeauei). Anee aeieaiaua iaycaoaeuenoaa i?aauoatho n?aaenoaa
eeeaioa, iineaaeiee yaeyaony iae?aaeeoiniiniaiui. Ec yoiai auoaeatho e
i?eaaaeaiiua ii?iaoeaiua o?iaie eiyooeoeeaioa. Cia/aiea eiyooeoeeaioa,
eae i?aaeei, ia aeieaeii auoue iaiaa 1. Eneeth/aiea aeiioneaaony oieueei
aeey eeeaioia aaiea n i/aiue auno?ie iai?a/eaaaiinoueth eaieoaea.

Eceeoae eeeaeaeiuo n?aaenoa — oaeaea iaaeaeaoaeueiia yaeaiea, aai
iaee/ea iiaeao auoue naeaeaoaeuenoaii iaaeinoaoi/ii yooaeoeaiiai
eniieueciaaiey caaiueeii a?aiaiii naiaiaeiuo aeaiaaeiuo n?aaenoa e
ae?oaeo aei?iainoiyueo iai?ioiuo aeoeaia.

N/eoaaony, /oi iioeiaeueiay iio?aaiinoue i?aaei?eyoey a eeeaeaeiuo
n?aaenoaao aeieaeia iaoiaeeoueny ia o?iaia, i?eia?ii a aeaa ?aca
i?aauoathuai e?aoein?i/ioth caaeieaeaiiinoue (oioy i?e aunieie
iai?a/eaaaiinoe iai?ioiuo n?aaenoa yoa iio?aaiinoe iiaeao auoue
cia/eoaeueii iaiueoa aeaoo e iaoiaeeoueny ia o?iaia aaeeieoeu).

Aeiaieueii /anoi a i?aeoeea ?inneeneeo e ca?oaaaeiuo eiiia?/aneeo aaieia
aianoi eiyooeoeeaioa oaeouae eeeaeaeiinoe au/eneyaony eiyooeoeeaio
eeeaeaeiinoe, ii?aaeaeyaiue eae ioiioaiea auno?i?aaeecoaiuo aeoeaia e
oaeouei iaycaoaeuenoaai, /oi a oeaeii i?aaeiieaaaao aieaa iauaeoeaioth
ioeaieo eeeaeaeiinoe aaeaina. Iaeiaei i?e yoei inoaaony iaii?aaeaeaiiue
niinia auaeaeaiey naiie auno?i?aaeecoaiie /anoe aeoeaia.

Aia?eeaineea eiiia?/aneea aaiee iacuaatho eiyooeoeeaioii eeeaeaeiinoe
niioiioaiea iaeaieaa eeeaeaeiuo aeoeaia e e?aoein?i/iuo aeieaiauo
iaycaoaeuenoa. I?e yoii a iiiyoea iaeaieaa eeeaeaeiuo aeoeaia
aeeaaeuaathony: aeaiaaeiay iaee/iinoue e aeaaeoi?neay caaeieaeaiiinoue
e?aoein?i/iiai oa?aeoa?a. A ninoaa e?aoein?i/iuo aeieaiauo iaycaoaeuenoa
aeeth/aaony caaeieaeaiiinoue ii nnoaeai e?aoein?i/iiai oa?aeoa?a,
aaenaeyi, iaiiea/aiiui o?aaiaaieyi e i?i/ei e?aoein?i/iui
iaycaoaeuenoaai.

Oaeei ia?acii, i?aaeuaeouee iieacaoaeue ianeieueei eiie?aoece?oao
neaaeothuay oi?ioea:

Yoio eiyooeoeeaio eia/a iacuaaaony eae eiyooeoeeaio n?i/iie
eeeaeaeiinoe. N?i/iue eiyooeoeeaio eeeaeaeiinoe en/eneyaony enoiaey ec
aeaiaaeiuo n?aaenoa e e?aoein?i/iuo oeiainiauo aeiaeaiee
(auno?i?aaeecoaiuo oeaiiuo aoiaa). Iioeiaeueiay aaee/eia aeaiiiai
iieacaoaey aeieaeia auoue i?eia?ii 0,25-0,35.

Eiyooeoeeaio aaniethoiie eeeaeaeiinoe yaeyaony iaeaieaa aeanoeei
e?eoa?eai eeeaeaeiinoe i?aaei?eyoey, iieacuaay eaeay /anoue
e?aoein?i/iuo caaiiuo n?aaenoa iaycaoaeuenoa iiaeao auoue iiaaoaia
iaiaaeeaiii (iioeiaeueiia cia/aiea yoiai iieacaoaey eieaaeaony ieiei
0,2).

I?e iaiaoiaeeiinoe ioeaieaaoue e eiio?iee?iaaoue eeeaeaeiinoue eaaeaeiai
yeaiaioa iiaeeueiuo n?aaenoa iiaeii ainiieueciaaoueny neaaeothuei
iaoiaeii no?oeoo?ecaoeee eiyooeoeeaioa eeeaeaeiinoe.

Noaouee iaooi-aaeaina ?ani?aaeaeythony ia a?oiiu: a aeoeaa — ii noaiaie
eeeaeaeiinoe n?aaenoa; a ianneaa — ii noaiaie n?i/iinoe iiaeeaaeaueo
iieaoa iaycaoaeuenoa.

Aeoeau i?aaei?eyoey a caaeneiinoe io nei?inoe i?aa?auaiey eo a aeaiueae
aeaeyony ia /aou?a a?oiiu.

Iaeaieaa eeeaeaeiua aeoeau A1. A yoo a?oiio aoiaeyo aeaiaaeiua n?aaenoaa
e e?aoein?i/iua oeiainiaua aeiaeaiey. Eniieuecoy eiaeu no?ie iieiie
oi?iu aaeaina (oi?ia ?1 ii IEOAe), iiaeii caienaoue aeai?eoi ?an/aoa
yoie a?oiiu:

A1 = no?. 250 + no?. 260.

Auno?i?aaeecoaiua aeoeau A2. A yoo a?oiio aoiaeyo aeaaeoi?neay
caaeieaeaiiinoue e i?i/ea aeoeau:

A2 = no?. 230 + no?. 240 + no?. 270.

Iaaeeaiii ?aaeecoaiua aeoeau. A a?oiio aeeth/athony «Caianu», e?iia
no?iee «?anoiaeu aoaeoueo ia?eiaeia», a ec ?acaeaea ( aaeaina
aeeth/aaony no?iea «Aeieain?i/iua oeiainiaua aeiaeaiey»:

A3 = no?. 210 + no?. 140 – no?. 217.

O?oaeii ?aaeecoaiua aeoeau A4. A a?oiio aeeth/athony noaouey ( ?acaeaea
aaeaina ca eneeth/aieai no?iee, aeeth/aiiie a a?oiio «Iaaeeaiii
?aaeecoaiuo aeoeau».

A4 = no?. 190 – no?. 140.

Iaycaoaeuenoaa i?aaei?eyoey (noaouee ianneaa aaeaina) oaeaea
a?oiie?othony a /aou?a a?oiiu e ?aniieaaathony ii noaiaie n?i/iinoe eo
iieaou.

Iaeaieaa n?i/iua iaycaoaeuenoaa I1. A a?oiio aeeth/aaony e?aaeeoi?neay
caaeieaeaiiinoue:

I1 = no?. 620.

E?aoein?i/iua ianneau I2. A a?oiio aeeth/athony e?aoein?i/iua e?aaeeou e
caeiu e i?i/ea e?aoein?i/iua ianneau:

I2 = no?. 610 + no?. 670.

Aeieain?i/iua ianneau I3. A a?oiio aoiaeyo aeieain?i/iua e?aaeeou e
caeiu:

I3 = no?. 590.

Iinoiyiiua ianneau I4. A a?oiio aeeth/athony no?iee (( ?acaeaea aaeaina
iethn no?. 630-660 ec (( ?acaeaea («?an/aou ii aeeaeaeaiaeai», «Aeioiaeu
aoaeoueo ia?eiaeia», «Oiiaeu iio?aaeaiey», «?aca?au i?aaenoiyueo
?anoiaeia e ieaoaaeae»). A oeaeyo nio?aiaiey aaeaina aeoeaa e ianneaa
eoia yoie a?oiiu oiaiueoaaony ia aaee/eio no?iee «?anoiaeu aoaeoueo
ia?eiaeia» (( ?acaeaea aeoeaa aaeaina:

I4 = no?. 490 + no?. 630 + no?. 640 + no?. 650 + no?. 660 – no?. 217.

*anoiua iieacaoaee eeeaeaeiinoe aaeaina ii?aaeaeythony iooai aeaeaiey
noii a?oii noaoae aeoeaa ia niioaaonoaothuea eoiae a?oii noaoae ianneaa,
o.a.

,

aaea A (n) – noiia noaoae aeoeaa a?oiiu n, I (n) – noiia noaoae ianneaa
a?oiiu n.

Aeey ii?aaeaeaiey iauaai eiyooeoeeaioa, oa?aeoa?ecothuaai eeeaeaeiinoue
aaeaina e?aaeeoiniiniaiinoue i?aaei?eyoey, iaiaoiaeeii i?eiaiyoue
eiyooeoeeaiou ?aaeueiinoe A.Ae. ?icaiaa?aa naiaa?aiaiiiai iinooieaiey
aeaiaa.

Oaeei ia?acii, a iauai aeaea niaieoiiue iieacaoaeue eeeaeaeiinoe iiaeii
i?aaenoaaeoue neaaeothuae oi?ioeie:

,

aaea A (n) – noiia noaoae aeoeaa a?oiiu n, I (n) – noiia noaoae ianneaa
a?oiiu n.

Yoio iieacaoaeue eeeaeaeiinoe a ioee/ea io iauaai eiyooeoeeaioa
eeeaeaeiinoe aieaa iauaeoeaii io?aaeaao eeeaeaeiinoue i?aaei?eyoey, oae
eae o/eouaaao oaeoi? ?aaeueiinoe naiaa?aiaiiiai iinooieaiey n?aaenoa.

Iaeiaei i?e oaeii iiaeoiaea e ioeaiea eeeaeaeiinoe aaeaina ia noieo
oioneaoue ec aeaeo, /oi ?ani?aaeaeaiea aeoeaia e ianneaia ia a?oiiu a
i?eiaiaiea iii?aai/iue eiyooeoeeaioia yaeyaony aeinoaoi/ii noauaeoeaiui.
Iiyoiio aeaeaoaeueii i?eieiaoue ai aieiaiea iaa iieacaoaey e eiaoue
aaeaeo, /oi niioiioaiea anao oaeoueo aeoeaia e e?aoein?i/iui
iaycaoaeuenoaai aeaao ioeaieo iaeneiaeueiie a?aieoeu eeeaeaeiinoe
aaeaina i?aaei?eyoey.

*oi aea eanaaony iioeiaeueiiai cia/aiey eiyooeoeeaioa eeeaeaeiinoe, oi
aai aaee/eia aeey eaaeaeiai eiie?aoiiai i?aaei?eyoey, caaeneo io
aeaenoaey neaaeothueo oaeoi?ia: ?acia?a i?aaei?eyoey e iauaia aai
aeayoaeueiinoe, io?anee i?iiuoeaiiinoe e i?iecaiaenoaa, aeeeoaeueiinoe
i?iecaiaenoaaiiiai oeeeea, a?aiaie, iaiaoiaeeiiai aeey aiciaiiaeaiey
caiania iaoa?eaeia, naciiiinoe ?aaiou i?aaei?eyoey, iauae yeiiiie/aneie
eiiuthieoo?u e i?.

A iaeioi?uo neo/ayo i?e aiaeeca oaeiai aaaeiiai eiaeeeaoi?a
ieaoaaeaniiniaiinoe, eae eeeaeaeiinoue eniieuecotho eiyooeoeeaio
niioiioaiey aeaaeoi?neie e e?aaeeoi?neie caaeieaeaiiinoe. Yeiiiie/aneia
niaea?aeaiea aai a niiniaiinoe ?ann/eoaoueny ni naieie e?aaeeoi?aie ca
n/ao aeaaeoi?neie caaeieaeaiiinoe (ni. oaae. 1).

I?iaiaeece?iaaa eeeaeaeiinoue i?aaei?eyoey a oa/aiee io/aoiiai ia?eiaea
(96-98 a) iiaeii naeaeaoue neaaeothuaa caeeth/aiea.

Ia iiiaio ninoaaeaiey aaeaina aai iaeuecy i?eciaoue eeeaeaeiui, oae eae
iaeii ec niioiioaiee a?oii aeoeaia e ianneaia ia ioaa/aao oneiaeyi
aaniethoiie eeeaeaeiinoe aaeaina — iaeaieaa eeeaeaeiua aeoeau iaiueoa
iaeaieaa n?i/iuo iaycaoaeuenoa. Ia yoii naeaeaoaeuenoaotho
eaoano?ioe/anee ieceea iieacaoaee eeeaeaeiinoe 1 a?oiiu.

A 1998 aiaeo oaaee/eeny ieaoaaeiue iaaeinoaoie iaeaieaa eeeaeaeiuo
aeoeaia, ii n?aaiaieth n 1996 aiaeii aieaa /ai a 2 ?aca. Iaeeaeaaiua
iinooieaiey io aeaaeoi?ia au?inee a 11 ?ac e i?aauneee aaee/eio
e?aoein?i/iuo e?aaeeoia ii/oe a 40 ?ac. aaee/eia caiania eaoano?ioe/anee
neeueii i?aauneea aeieain?i/iua iaycaoaeuenoaa. Iaeiaei, ianiio?y ia
eiathueeny ieaoaaeiue eceeoae ii yoei a?oiiai, ii ii i?e/eia ieceie
eeeaeaeiinoe caiania a?yae ee niiaeao auoue iai?aaeai ia iie?uoea
iaaeinoaoea n?aaenoa aeey iiaaoaiey iaeaieaa n?i/iuo iaycaoaeuenoa.

Aianoa n oai eiyooeoeeaiou oaeouae eeeaeaeiinoe a 96, 97, 98 aiaeao
eiatho ii/oe /oi aeinoaoi/ii ii?iaeueiua ia?aie/aiey, /oi
naeaeaoaeuenoaoao ia ii?aaeaeaiiie e?aaeeoiniiniaiinoe i?aaei?eyoey.

Eiyooeoeeaio aaniethoiie eeeaeaeiinoe ca io/aoiue ia?eiae nia/aea
neeueii oiae, a caoai oioy yoiai ana ?aaii iaaeinoaoi/ii e aai aaee/eia
i/aiue iaei a 10-100 ?ac iaiueoa ii?iaoeaiiai, /oi naeaeaoaeuenoaoao i
/?acau/aeii ieceeo ia?niaeoeaiuo ieaoaaeiuo aiciiaeiinoyo i?aaei?eyoey.

I?iaiaeece?iaaa no?oeoo?o aaeaina IAI Aeaaeiioeaai?iaeoeo e ?ann/eoaa
eiyooeoeeaiou eeeaeaeiinoe iiaeii naeaeaoue auaiae /oi iiaaoaiea naieo
iaycaoaeuenoa i?aaei?eyoea iiaeao i?iecaanoe ii/oe oieueei ca n/ao
e?aoein?i/iie aeaaeoi?neie caaeieaeaiiinoe e oiaa?iuo caiania, i?e/ai a
1997 aiaeo iaycaoaeuenoaa aeaaea i?aauneee aiciiaeiinoe i?aaei?eyoey ii
eo iiaaoaieth (ni. oaae. 1).

N?aaiaiea o?aoueae a?oiiu aeoeaia e ianneaia (iaaeeaiii ?aaeecoaiuo
aeoeaia n aeieain?i/iuie iaycaoaeuenoaaie) iieacuaaao oi?iooth
ia?niaeoeaioth eeeaeaeiinoue, o.a. i?iaiic ieaoaaeaniiniaiinoe
i?aaei?eyoey iaoiaeeony ia aunieii o?iaia.

A oeaeii aea ia iniiaa i?iaaaeaiiiai aiaeeca iiaeii naeaeaoue auaiae,
/oi i?aaei?eyoea iaoiaeeony a iaonoie/eaii ninoiyiee e
e?aaeeoiniiniaiinoue aai iecea. Oaeei ia?acii, e yoiio i?aaei?eyoeth eae
e aeaeiaiio ia?oia?o a aeaeiaii ie?a aoaeoo ioiineoueny n
inoi?iaeiinoueth. Ana yoi o?aaoao io ?oeiaiaenoaa i?aaei?eyoey, a oii
/enea oeiainiaiai iaiaaeaea?a. I?eiyoey iaiaoiaeeiuo ia? ii oeo/oaieth
eeeaeaeiinoe aaeaina i?aaei?eyoey.

2.2.3. Iai?ioiue eaieoae

?uii/iua oneiaey oicyenoaiaaiey canoaaeytho i?aaei?eyoea a ethaie
ia?eiae a?aiaie auoue a ninoiyiee iia?aoeaii aica?aoeoue e?aoein?i/iua
aeieae. N yoie oi/ee c?aiey niaieoiiinoue ?ano?nia caaiueea, eioi?ay
iiaeao auoue ia?auaia ia iiaaoaiea e?aoein?i/iie caaeieaeaiiinoe,
i?aaenoaaeyao niaie iai?ioiue eaieoae. I iiauoaiee eee nieaeaiee iauaai
o?iaiy ieaoaaeaniiniaiinoe caaiueea iiaeii noaeeoue ii eciaiaieth
iieacaoaey iai?ioiiai eaieoaea.

Nouanoaotho ?acee/iua niiniau en/eneaiey aaee/eiu iai?ioiiai eaieoaea.
Oae aia?eeaineeie eiiia?/aneeie aaieaie i?e ?an/aoa oeiainiauo
iieacaoaeae a iai?ioiue eaieoae e?iia noieiinoe caiania
oiaa?ii-iaoa?eaeueiuo oeaiiinoae aeeth/athony aeaiaaeiua n?aaenoaa e
aeaaeoi?neay caaeieaeaiiinoue. I?aaeeaaaaony ii?aaeaeyoue iai?ioiue
eaieoae eae ?acieoeo iaaeaeo anaie oaeoueie aeoeaaie e e?aoein?i/iuie
aeieaaie.

Iai?ioiue eaieoae = oaeouea aeoeau – e?aoein?i/iua iaycaoaeuenoaa

Iineieueeo yoio iieacaoaeue oa?aeoa?ecoao eeoue aaniethoioth aaee/eio
iai?ioiiai eaieoaea, aeey ii?aaeaeaiey niiniaiinoe i?aaei?eyoey
auiieieoue n?i/iua iaycaoaeuenoaa aaiee eniieuecotho ioiioaiea
iai?ioiiai eaieoaea e e?aoein?i/iui iaycaoaeuenoaai, o.a.

Eiyooeoeeaio iie?uoey = iai?ioiue eaieoae e?aoein?i/iua iaycaoaeuenoaa

Yoi niioiioaiea aeieaeii no?aieoueny e aaeeieoea. Iaaeaaii?eyoii eae
ieceia oae e aunieia niioiioaiea.

Aaee/eia iai?ioiiai eaieoaea IAI «Aeaaeiioeaai?iaeoeo» a 96 aiaeo
iaoiaeeeinue ia aeinoaoi/ii aunieii o?iaia (ni. oaae. 1). A oa/aiea
1997-98 a. aaee/eia iai?ioiiai eaieoaea iaiyeanue iacia/eoaeueii aeaaea
aic?anoaea, ii cia/eoaeueii eciaieeenue a noi?iio oaaee/aiey
e?aoein?i/iua iaycaoaeuenoaa i?aaei?eyoey, /oi i?eaaei e nieaeaieth
eiyooeoeeaioa iie?uoey ia 60 % e iaaeaieth aai aei 0,78 e 0,76 a 1997 e
98 niioaaonoaaiii. Cia/aiea iieacaoaey iie?uoey iaiueoa aaeeieoeu
oai?aoe/anee icia/aao aeey i?aaei?eyoey, /oi aac i?iaeaaee naieo oiiaeia
iii ia iiaeao ?ann/eoaoueny n e?aaeeoi?aie. Yoi iaaeaaii?eyoiue oaeoi?.

2.2.4. Eiyooeoeeaiou yooaeoeaiinoe (iai?a/eaaaiinoe)

Eiyooeoeeaiou yooaeoeaiinoe eee iai?a/eaaaiinoe ?ann/eouaathony a
aeiiieiaiea e eiyooeoeeaioai eeeaeaeiinoe. Aeeiaieea eiyooeoeeaioia
iai?a/eaaaiinoe iiiiaaao ioeaieoue i?e/eio eciaiaiee eiyooeoeeaioia
eeeaeaeiinoe.

A a?oiio eiyooeoeeaioia yooaeoeaiinoe aoiaeyo:

iai?a/eaaaiinoue caiania

,

iai?a/eaaaiinoue aeaaeoi?neie caaeieaeaiiinoe a aeiyo:

,

iai?a/eaaaiinoue iniiaiiai eaieoaea (oeene?iaaiiuo aeoeaia):

,

iai?a/eaaaiinoue aeoeaia:

.

I?iaiaeece?iaaa yoe eiyooeoeeaiou, enoiaey ec aeaiiuo aooaaeoa?neie
io/aoiinoe IAI “Aeaaeiioeaai?iaeoeo”, iiaeii naeaeaoue iaeioi?ua
auaiaeu. Oae a oa/aiee io/aoiiai ia?eiaea eiyooeoeeaiou iai?a/eaaaiinoe
(yooaeoeaiinoe) cia/eoaeueii nieceeenue (ni. oaae. 2). ?acei oiaea
iai?a/eaaaiinoue caiania ( ( a 1,7 ?aca). Yoi i?iecioei a nayce n
iaaeaieai au?o/ee io ?aaeecaoeee e aic?anoaiea n?aaeieo inoaoeia caiania
a 98 aiaeo, /oi a naith i/a?aaeue naycaii n iaaeaieai iauaia ?aaeecaoeee
i?iecaaaeaiiie i?iaeoeoeee. Aieaa /ai a aeaa ?aca i?iecioei iaaaoeaiia
oaaee/aiea iai?a/eaaaiinoe aeaaeoi?neie caaeieaeaiiinoe a aeiyo, /oi
naycaii n iaaeaieai au?o/ee io ?aaeecaoeee e n cia/eoaeueiui (ieiei
iieooi?a ?ac oaaee/aiea n?aaeieo inoaoeia aeaaeoi?neie caaeieaeaiiinoe a
98 a.), naeaeaoaeuenoaothueo ia oooaeoaiee iieaou iieacaoaey
ioa?oaeaiiie ei i?iaeoeoeee i?aaei?eyoey.

Oiaiueoaiea eiyooeoeeaioa iai?a/eaaaiinoe iaiiaeeueiuo n?aaenoa aiai?eo
ia oiaiueoaiee a io/aoiii ia?eiaea oiiaeiioaea/e, o.a. iauaia
?aaeecaoeee ia ?oaeue iaiaoa?eaeueiuo aeoeaia. Iaaaoeaiui yaeyaony
oiaiueoaiea iai?a/eaaaiinoe iiaeeueiuo n?aaenoa, aucaaiiua iaaeaieai
au?o/ee io ?aaeecaoeee.

Aeeiaieea eiyooeoeeaioia iai?a/eaaaiinoe IAI “Aeaaeiioeaai?iaeoeo”
iiiiaaao ioeaieoue i?e/eio aeiaieueii aunieiai iieacaoaey eeeaeaeiinoe
(aaniethoiie, n?i/iie). Oaeie neeueiue ?ac?ua yoeo iieacaoaeae
iauyniyaony oaaee/aieai e?aoein?i/iie aeaaeoi?neie caaeieaeaiiinoe e
noieiinoe caiania e i?e iaeiia?aiaiiii caiaaeeaiee eo iai?a/eaaaiinoe
naeaeaoaeuenoaoao i iaaaoeaiuo oaiaeaioeeyo a ?aaioa i?aaei?eyoey, o.a.
iaaiciiaeiinoe iiauoaiey aai eeanna e?aaeeoiniiniaiinoe.

2.2.5. Eiyooeoeeaiou oeiainiaiai eaaa?aaeaea

Aeey i?iaaaeaiey aeaeueiaeoaai aiaeeca e?aaeeoiniiniaiinoe i?aaei?eyoey
eniieuecothony eiyooeoeeaiou oeiainiaiai eaaa?aaeaea.

Iie oa?aeoa?ecotho niioiioaiea nianoaaiiiai e caaiiiai eaieoaea eeeaioa.
*ai auoa aeiey caaiiiai eaieoaea a iauai eaieoaea caaiueea, oai ieaea
eeann e?aaeeoiniiniaiinoe eeeaioa. Anee i?aaei?eyoea ia eaaeaeue ?oaeue
nianoaaiiuo n?aaenoa i?eaeaeaao aieaa ?oaey caaiiuo n?aaenoa, yoi
naeaeaoaeuenoaoao i nieaeaiee aai oeiainiaie onoie/eainoe.

A ioiioaiee IAI “Aeaaeiioeaai?iaeoeo” iiaeii aiai?eoue i ia?aii (aunoai)
eeanna e?aaeeoiniiniaiinoe aiaeece?oy eiyooeoeeaiou oeiainiaiai
eaaa?aaeaea. Oae eiyooeoeeaio aaoiiiiee (iioeioi ( 0,5). Oioy ca
io/aoiue ia?eiae aaee/eia yoiai eiyooeoeeaioa ianeieueei nieceeanue, iia
ana ?aaii inoaaony ia aeinoaoi/ii aunieii o?iaia. Eiyooeoeeaio
iiaeeueiinoe n?aaenoa oaeaea eiaao ii?iaoeaiia cia/aiea (iioeioi ( 0,5).
Ca io/aoiue ia?eiae aai aaee/eia aic?inea aei o?aaoaiiai o?iaiy e eiaao
ana oaiaeaioeee e aeaeueiaeoaio ?inoo. Yoi yaeyaony aeaaii?eyoiui aeey
i?aaei?eyoey, oae eae ?ino eiyooeoeeaioa io?aaeaao oaaee/aiea
iioaioeeaeueiie aiciiaeiinoe i?aaei?eyoey i?aa?auaoue aeoeau a
eeeaeaeiua n?aaenoaa.

A oiaea a?aiy e ?aaeueiay aiciiaeiinoue i?aaei?eyoey i?aa?auaoue aeoeau
a eeeaeaeiua n?aaenoaa o i?aaei?eyoey auniea, i /ai naeaeaoaeuenoaoao
i?aauoaiea eiyooeoeeaioa iaiaa?aiiinoe n?aaenoa (eee /enoie
iiaeeueiinoe) ii?iaoeaa a 2-2,5 ?aca a oa/aiee anaai io/aoiiai ia?eiaea.

Iaania/aiea e?aaeeoi?neie caaeieaeaiiinoe nianoaaiiuie n?aaenoaaie
cia/eoaeueii nieceeinue a io/aoiii ia?eiaea, ii ia eiiaoe 1998 aiaea ana
?aaii auniei, cia/eoaeueii i?aainoiaeeo ii?iaoeaiue iieacaoaeue.

Eiyooeoeeaio iaania/aiiinoe nianoaaiiuie n?aaenoaaie oaeaea i?aauoaao
iaiaoiaeeiue ieieioi ia i?aaei?eyoee aiai?y i iaee/ee aunieie aeiee
nianoaaiiuo iai?ioiuo n?aaenoa o i?aaei?eyoey.

Aeaeay ieii/aoaeueiue auaiae iiaeii neacaoue i aeinoaoi/iii ?acia?a
nianoaaiiiai eaieoaea e iioeiaeueiie noaiaie caaeneiinoe i?aaei?eyoey io
i?eaea/aiiuo ?ano?nia.

2.2.6. Eiyooeoeeaiou i?eaueueiinoe

Eiyooeoeeaiou i?eaueueiinoe oa?aeoa?ecotho yooaeoeaiinoue ?aaiou
nianoaaiiiai e i?eaea/aiiiai eaieoaea i?aaei?eyoey. Iie yaeythony
nouanoaaiiui aeiiieiaieai e eiyooeoeeaioai oeiainiaiai eaaa?aaeaea.
Iai?eia?, i?e iiauoaiee i?eaueueiinoe ?aaiou i?aaei?eyoey oooaeoaiea
eiyooeoeeaioia ia icia/aao iiieaeaiey eeanna e?aaeeoiniiniaiinoe.
Aeeiaieea eiyooeoeeaioia i?eaueueiinoe eaieoaea eiaao i?yii
i?iii?oeeiiaeueioth naycue n eciaiaieai o?iaiy e?aaeeoiniiniaiinoe
eeeaioa.

I?iecaaaey ?an/ao eiyooeoeeaioia i?eaueueiinoe IAI “Aeaaeiioeaai?iaeoeo”
iiaeii aiai?eoue ia oooaeoaiee oeiainiaiai iieiaeaiey i?aaei?eyoey a
io/aoiii ia?eiaea, oae eae ana eiyooeoeeaiou a cia/eoaeueiie ia?a
oooaeoeeenue, oae a 1997 aiaeo ?aioaaaeueiinoue iauaai e aeoeeiia?iiai
eaieoaea oiaee i?eaeeceoaeueii a o?e ?aca, a a 1998 aiaeo i?aaei?eyoea
iieo/eei oauoie e neaaeiaaoaeueii eiyooeoeeaiou noaee aiiaua
io?eoeaoaeueiuie.

O.a. a oeaeii iiaeii aiai?eoue ia oooaeoaiee ?aaiou i?aaei?eyoey,
eioi?ia aucaaii iaua?inneeneei e?eceniui ninoiyieai yeiiiieee. Eiie?aoii
aeey IAI “Aeaaeiioeaai?iaeoeo”, oauoi/iinoue aeayoaeueiinoe a 1998 aiaeo
auea naycaii n iaanoeaiaieai au?o/ee io ?aaeecaoeee i?iaeoeoeee e
aeaaeoi?neie caaeieaeaiiinoe a ?acoeueoaoa e?ecena 17 aaaonoa e n
caeoieie nu?uey e iaoa?eaeia ii cia/eoaeueii aic?inoei oeaiai, /oi e
i?eaaei e iieo/aieth i?aaei?eyoeai oauoeia.

2.2.7. Eiyooeoeeaio ianeoaeeaaiey aeieaa

Eiyooeoeeaio ianeoaeeaaiey aeieaa ii?aaeaeyaony eae ioiioaiea au?o/ee io
?aaeecaoeee e caaeieaeaiiinoe ia?aae aaieii.

Eiyooeoeeaiou ianeoaeeaaiey aeieaa iieacuaatho, eaeay /anoue i?eauee
eniieuecoaony aeey aiciauaiey i?ioeaioiuo eee anao oeene?iaaiiuo
ieaoaaeae. Iniaia cia/aiea yoe eiyooeoeeaiou eiatho i?e aunieeo oaiiao
eioeyoeee, eiaaea aaee/eia i?ioeaioia oiea/aiiuo iiaeao i?eaeeaeaoueny e
iniiaiiio aeieao eeeaioa eee aeaaea aai i?aauoaoue. *ai aieueoay /anoue
i?eauee iai?aaeyaony ia iie?uoea i?ioeaioia oiea/aiiuo e ae?oaeo
oeene?iaaiiuo ieaoaaeae, oai iaiueoa aa inoaaony aeey iiaaoaiey
aeieaiauo iaycaoaeuenoa, iie?uoey ?eneia, eaieoaeecaoeeth, o.a. oai
ooaea e?aaeeoiniiniaiinoue eeeaioa.

Iioeiaeueiia cia/aiea eiyooeoeeaioa ianeoaeeaaiey aeieaa io 2,0 aei 7,0.
IAI “Aeaaeiioeaai?iaeoeo” eiaao oi?ioee eiyooeoeeaio ianeoaeeaaiey
aeieaa a io/aoiii ia?eiaea. Oae a 96 aiaeo ii ninoaaeyao 5,92, a 97 –
2,96, a 98 aiaeo – 2,05, oioy nieaeaiea yoiai eiyooeoeeaioa aiai?eo ia
oooaeoaiee oeiainiaiai iieiaeaiey i?aaei?eyoey, /oi a naith i/a?aaeue
naycaii a oaaee/aieai e?aoein?i/iie e?aaeeoi?neie caaeieaeaiiinoe e
nieaeaieai au?o/ee io ?aaeecaoeee.

2.2.8. Ioeaiea aeaeiaie aeoeaiinoe i?aaei?eyoey

?an/ao auoai?eaaaeaiiuo eiyooeoeeaioia aoaeao iaaeinoaoi/ai aac ioeaiee
aeaeiaie aeoeaiinoe i?aaei?eyoey.

Oeiainiaia iieiaeaiea i?aaei?eyoey iaoneaaeeaaaony a iaiaeie noaiaie aai
aeaeiaie aeoeaiinoueth. A e?eoa?ee aeaeiaie aeoeaiinoe i?aaei?eyoey
aeeth/athony iieacaoaee, io?aaeathuea ea/anoaaiiua e eiee/anoaaiiua
noi?iiu ?acaeoey aai aeayoaeueiinoe: iauai ?aaeecaoeee i?iaeoeoeee e
oneoa, oe?ioa ?uieia nauoa i?iaeoeoeee, i?eaueue, aaee/eia /enouo
aeoeaia. A ie?iaie i?aeoeea n yoie oeaeueth eniieuecoaony «cieioia
i?aaeei yeiiiieee i?aaei?eyoey», a niioaaonoaee n eioi?ui
?anniao?eaathony neaaeothuea aaee/eiu: Oai — oaiiu ?inoa aaeainiaie
i?eauee; O? — oaiiu ?inoa iauaia ?aaeecaoeee; Oe — oaiiu ?inoa noiiu
aeoeaia (iniiaiiai e iai?ioiiai eaieoaea) i?aaei?eyoey. Iioeiaeueiui
yaeyaony neaaeothuaa niioiioaiea oeacaiiuo aaee/ei:

Oai ( O? ( Oe ( 100 %.

Niaethaeaiea «cieioiai i?aaeea» icia/aao, /oi yeiiiie/aneee iioaioeeae
i?aaei?eyoey aica?anoaao ii i?aaiaieth n i?aaeuaeouei aiaeii.

I?iaaaeai ioeaieo aeaeiaie aeoeaiinoe IAI “Aeaaeiioeaai?iaeoeo”.
?ann/eoaai Oai, O?, Oe (ni oaae. 5).

Oaaeeoea 5. A %.

Iieacaoaee 97/96 98/97 98/96

Oai 37,4 -2,8 -0,01

O? 100,4 67,5 -0,17

Oe 114,1 82,1 93,6

Enoiaey ec «cieioiai i?aaeea yeiiiieee i?aaei?eyoey» ninoaaei
niioiioaiey oeacaiiuo aaee/ei 97/96, 98/97, 98/96 niioaaonoaaiii:

37,4 ( 100,4 ( 114,1 ( 100 %,

-2,8 ( 67,5 ( 82,1 ( 100 %,

-0,01 ( -0,17 ( 93,6 ( 100 %.

Iao niunea aeaaea iiae?iaii ?anniao?eaaoue yoe niioiioaiey e oae ia
eeoei eaoano?ioe/iinoue aeae aeoeaiinoe i?aaei?eyoey.

Aieaa aunieea oaiiu ?inoa iauaia ?aaeecaoeee naeaeaoaeuenoaotho ia
ioiineoaeueiii iiauoaiee ecaea?aeae i?iecaiaenoaa, /oi io?aaeaao
nieaeaiea yeiiiie/aneie yooaeoeaiinoe i?aaei?eyoey.

Iaiaa aunieea oaiiu ?inoa iauaia ?aaeecaoeee ii n?aaiaieth n oaiiaie
?inoa aeoeaia i?aaei?eyoey (iniiaiiai e iai?ioiiai eaieoaea)
naeaeaoaeuenoaotho i nieaeaiee yooaeoeaiinoe eniieueciaaiee ?ano?nia
i?aaei?eyoey, /oi aiai?eo ia aua iaeiii iaaaoeaiii aniaeoa
aeayoaeueiinoe i?aaei?eyoey.

Aaniethoiia ianiaethaeaiea «cieioiai i?aaeea» icia/aao, /oi
yeiiiie/aneee iioaioeeae i?aaei?eyoey iaaeaao ii n?aaiaieth n
i?aaeuaeouei ia?eiaeii.

2.3. Aiaeec aeaiaaeiiai iioiea

Aiaeec aeaiaaeiiai iioiea — niinia ioeaiee e?aaeeoiniiniaiinoe eeeaioa
eiiia?/aneiai aaiea, a iniiaa eioi?iai eaaeeo eniieueciaaiea oaeoe/aneeo
iieacaoaeae, oa?aeoa?ecothueo iai?io n?aaenoa o eeeaioa a io/aoiii
ia?eiaea.

Iieacaoaee ieaoaaeaniiniaiinoe oanii naycaiu n aeaiaaeiuie iioieaie,
iiyoiio a ie?iaie i?aeoeea aeey ioeaiee e?aaeeoiniiniaiinoe /anoi
i?eiaiyaony aiaeec aeaeaeaiey aeaiaaeiuo n?aaenoa. Iaaeaeo aoiaeyueie e
enoiaeyueie aeaiaaeiuie iioieaie eiaaony a?aiaiiie eaa, iiyoiio
i?aaiecaoeey auioaeaeaia iinoiyiii o?aieoue naiaiaeiua aeaiaaeiua
n?aaenoaa ia ?an/aoiii n/aoa. Aeaiaaeiua n?aaenoaa iaiaoiaeeiu e aeey
inouanoaeaiey iai?aaeaeaeaiiuo ieaoaaeae, a oaeaea a neo/aa iiyaeaiey
aiciiaeiinoe eo auaiaeiiai eiaanoe?iaaiey, eioi?ia a ia?niaeoeaa
i?eaaaeao e iieo/aieth aeiiieieoaeueiie i?eauee. Iiyoiio i?aaiecaoeey
aeieaeia iinoiyiii aaeaine?iaaoue, iiaeaea?aeeaay oaeouoth
ieaoaaeaniiniaiinoue e iaeiia?aiaiii eiaanoe?oy naiaiaeiua aeaiaaeiua
n?aaenoaa n oeaeueth iieo/aiey, i?eauee iioeiece?oy eo n?aaeiee oaeouee
inoaoie.

A nia?aiaiiuo oneiaeyo, eiaaea iaino?eeanue i?iaeaia acaeiiuo
iaieaoaaeae, iaee/ea aeaiaaeiuo n?aaenoa o i?aaiecaoeee aua iaeuecy
i?yii naycuaaoue n i?eaueueiie aeayoaeueiinoueth. I?aaiecaoeey iiaeao
n/eoaoueny aeinoaoi/ii ?aioaaaeueiie ii aeaiiui io/aoiinoe e
iaeiia?aiaiii eniuouaaoue cao?oaeiaiey a iai?ioiuo n?aaenoaao, /oi
iiaeao i?eaanoe e iaieaoaaeai eiio?aaaioai, a oii /enea aaieai e a
eiia/iii n/aoa — e aaie?ionoao. I?e/eiu yoiai ?aciua, a eo /enea e
?ac?aoaiiue aeaenoaothueie ii?iaoeaiuie aeieoiaioaie iaoiae ii?aaeaeaiey
au?o/ee io ?aaeecaoeee ii ia?a ioa?ocee oiaa?ia e i?aaeuyaeaiey
iieoiaoaeth ?an/aoiuo aeieoiaioia. I?e yoii iioie aeaiaaeiuo n?aaenoa e
iioie oiaa?ia e ?an/aoia, aaaeoueo e iieo/aieth i?eauee, ia niaiaaeatho
ai a?aiaie. ?acee/athony e aaee/eiu i?aauoaiey aeaiaaeiiai i?eoiea iaae
iooieii e iieo/aiiie i?eauee ca io/aoiue ia?eiae.

Iaoiaeeea aiaeeca aeaeaeaiey aeaiaaeiuo n?aaenoa (cash flow),
?ac?aaioaiiay e i?eiaiyaiay a caiaaeiuo no?aiao, iaoea io?aaeaiea a
?aaioao ioa/anoaaiiuo yeiiiienoia aeey eniieueciaaiey aa aiciiaeiinoae a
ia?niaeoeaa. Nayce n iiyaeaieai a ninoaaa oeiainiaie io/aoiinoe oi?iu ?4
«Io/ao i aeaeaeaiee aeaiaaeiuo n?aaenoa» yoo iaoiaeeeo iiaeii
i?aeoe/anee i?eiaiyoue i?e i?iaaaeaiee oeiainiaiai aiaeeca.

Aiaeec aeaeaeaiey aeaiaaeiuo n?aaenoa aeieaeai i?iaiaeeony ii o?ai
iai?aaeaieyi: oaeouay, eiaanoeoeeiiiay e oeiainiaay aeayoaeueiinoue.
Oae, i?eoie aeaiaaeiuo n?aaenoa a oaeouae aeayoaeueiinoe i?ienoiaeeo a
iniiaiii a oi?ia iieo/aiey au?o/ee io ?aaeecaoeee oiaa?ia, i?iaeoeoeee,
?aaio e oneoa; aaainia io iieoiaoaeae; e?aoein?i/iuo e?aaeeoia e caeiia.
Iooie aeaiaaeiuo n?aaenoa i?ienoiaeeo a aeaea iieaou n/aoia iinoaaueeia,
iieaou o?oaea, io/eneaiee ia nioeeaeueiua ioaeaeu, ?an/aoia n
athaeaeaoii, iiaaoaiey e?aoein?i/iuo e?aaeeoia e caeiia e oieaou
i?ioeaioia ii iei.

A eiaanoeoeeiiiie aeayoaeueiinoe i?eoie aeaiaaeiuo n?aaenoa i?ienoiaeeo
a nayce n ?aaeecaoeeae iniiaiuo n?aaenoa e eiiai eiouanoaa, iieo/aieai
aeeaeaeaiaeia e i?ioeaioia ii aeieain?i/iui oeiainiaui aeiaeaieyi, a
iooie — a nayce n iieaoie iaoei, iai?oaeiaaiey e o?ainii?oiuo n?aaenoa e
aeieaaiai o/anoey a no?ieoaeuenoaa, a oaeaea n aeieain?i/iuie
oeiainiauie aeiaeaieyie e auieaoie aeeaeaeaiaeia e i?ioeaioia ii
aeieain?i/iui oeaiiui aoiaaai, n iiaaoaieai aeieain?i/iuo e?aaeeoia e
caeiia e oieaoie i?ioeaioia ii iei.

I?eoie e iooie aeaiaaeiuo n?aaenoa a oeiainiaie aeayoaeueiinoe naycai n
iieo/aieai aeieain?i/iuo e?aaeeoia e caeiia e eo iiaaoaieai e iieaoie
i?ioeaioia, iieo/aieai aeeaeaeaiaeia e i?ioeaioia ii e?aoein?i/iui
oeaiiui aoiaaai e niioaaonoaaiii n auieaoie aeeaeaeaiaeia e i?ioeaioia,
n ?an/aoaie n athaeaeaoii (iaeiae e oo?aoiua naieoeee).

E?iia oiai, anoue e ae?oaea enoi/ieee i?eoiea e iai?aaeaiey iooiea
aeaiaaeiuo n?aaenoa — athaeaeaoiua anneaiiaaiey e eiia oeaeaaia
oeiaine?iaaiea, aacaiciacaeiua iinooieaiey, iai?aaeaiiua ia auaea/o
iiaeio/aoiuo noii, i?i/ea auieaou, ia?a/eneaiey. Ni?aai/ii e oi?ia ? 4
i?eaiaeyony aeaiiua i noiia aeaiaaeiuo n?aaenoa, iinooieaoeo a eanno ii
iaee/iiio ?an/aoo (e?iia noii, io?aaeaiiuo ii no?iea «ec aaiea a eanno
i?aaiecaoeee»), a oii /enea io th?eaee/aneeo e oece/aneeo eeoe.

Iauaeoii aiaeeca yaeythony ana iai?iou ii n/aoai aeaiaaeiuo n?aaenoa
(n/aoa 50, 51, 52, 55, 56, 57). I?eiaiytho aeaa iaoiaea aiaeeca — i?yiie
e einaaiiue. I?e i?yiii iaoiaea enoiaeiui caaiii yaeyaony au?o/ea.
Au/eneytho i?eoie e iooie aeaiaaeiuo n?aaenoa ii iai?aaeaiey
aeayoaeueiinoe e eo aaee/eio ia io/aoioth aeaoo. Aeaiiue iaoiae
iicaieyao aeaoaeueii aiaeece?iaaoue aeaeaeaiea aeaiaaeiuo n?aaenoa ia
n/aoao i?aaiecaoeee e a eiia/iii n/aoa — noaiaiue eeeaeaeiinoe aa.

Aiaeece?oaony no?oeoo?a i?eoiea e iooiea aeaiaaeiuo n?aaenoa ii aeaeai
aeayoaeueiinoe, a oaeaea iinooieaiee e iai?aaeaiee aeaiaaeiuo n?aaenoa.
Io?eoeaoaeueiui iiiaioii n/eoaaony i?aauoaiea iooiea iaae i?eoieii
aeaiaaeiuo n?aaenoa. Iieiaeeoaeueii, eiaaea eceeoae aeaiaaeiuo n?aaenoa
io oaeouae aeayoaeueiinoe aeinoaoi/ai aeey inouanoaeaiey eiaanoeoeee.

Iaeiaei i?yiie iaoiae ia oaycuaaao iieo/aiioth i?eaueue (oauoie) n
eciaiaieai aaee/eiu aeaiaaeiuo n?aaenoa. Yoi eiiiaine?oao einaaiiue
iaoiae aiaeeca, i?e eioi?ii enoiaeiui caaiii yaeyaony i?eaueue. Iia
ei??aeoe?oaony ia oaeea aeioiaeu e ?anoiaeu, eioi?ua aeeytho ia iaa, ii
ia eciaiytho aaee/eio aeaiaaeiuo n?aaenoa i?aaiecaoeee. Oae, ia/eneaiea
aii?oecaoeee iniiaiuo n?aaenoa ia io?aaeaaony ia aaee/eia aeaiaaeiuo
n?aaenoa, ii aeeth/aiea noiiu aii?oecaoeee a naaanoieiinoue i?iaeoeoeee
(?aaio, oneoa) i?eaiaeeo e oiaiueoaieth i?eauee i?aaiecaoeee, iniaaiii a
neo/aa i?eiaiaiey iaoiaea onei?aiiie aii?oecaoeee. Iiyoiio /enooth
i?eaueue neaaeoao oaaee/eoue ia yoo aaee/eio. Iiaeii aein?i/ii iieo/eoue
aeioiaeu, anee i?aaiecaoeey eniieuecoao iaoiae ii?aaeaeaiey au?o/ee io
?aaeecaoeee ii iiiaioo ioa?ocee oiaa?ia, /oi oaeaea neaaeoao o/eouaaoue.
Niaeanii i?eioeeiai aooaaeoa?neiai o/aoa aeioiaeu e ?anoiaeu
o/eouaathony a oii ia?eiaea, a eioi?ii iie auee ia/eneaiu. Iacaaeneii io
?aaeueiiai aeaeaeaiey aeaiaaeiuo n?aaenoa. Ii yoie aea i?e/eia o?aaoao
ei??aeoe?iaee i?eaueue a neo/aa iaee/ey ioeiaeaiiuo ieaoaaeae. Iie
ia/eneaiu. Aeeth/aiu a naaanoieiinoue i?iaeoeoeee (eee ioianaiu ia
oeiainiaue ?acoeueoao), a ?aaeueiue iooie aeaiaaeiuo n?aaenoa
ionoonoaoao. E?iia oiai, neaaeoao eiaoue a aeaeo, /oi enoi/ieeii
oaaee/aiey aeaiaaeiuo n?aaenoa ia?yaeo n i?eaueueth iiaoo auoue e
caaiiua n?aaenoaa.

Aeaeaa iaiaoiaeeii ni?iaiice?iaaoue aeaiaaeiua iinooieaiey e iooie
aeaiaaeiuo n?aaenoa (ia ianyoe, ia eaa?oae), a oaeaea ?ann/eoaoue
eceeoae (eee iaaeinoaoie) aeaiaaeiuo n?aaenoa. Eiaaea inoaoie ieaaeaony
ieaea o?aaoaiiai ieieioia, oi i?aaiecaoeey ia?aoeony ca e?aoein?i/iie
nnoaeie. Anee aea inoaoie aeaiaaeiuo n?aaenoa cia/eoaeueii auoa
iioeiaeueiie aaee/eiu, oi iiyaeyaony aiciiaeiinoue e iaiaoiaeeiinoue
eiaanoe?iaaoue eo, iai?eia?, a iieoieo oeaiiuo aoiaa, i?eiinyueo aeioiae
a aeaea aeeaeaeaiaea eee i?ioeaioa. Ii a i aea a?aiy aeaiaaeiua
n?aaenoaa aieaa eeeaeaeiu ii n?aaiaieth n oeaiiuie aoiaaaie. Ia anyeeie
aeoeeyie e iaeeaaoeeyie iiaeii ?anieaoeoueny ca iieoiee.

A nayce ni neiaeiinoueth iaoiaea, a oaeaea n i?aeoe/aneie
iaoeaeaniia?aciinoueth aai i?eiaiaiey a ioiioaiee IAI
“Aeaaeiioeaai?iaeoeo”, naycaiiie n iaoi/iinoueth a ii?ie e
i?ioeai?a/eainoueth aeaiiuo aooaaeoa?neie io/aoiinoe i?aaei?eyoey e
aeaaaoue ei ea/anoaaiioth oa?aeoa?enoeeo. E?iia oiai yoi aoaeao
eceeoiei, oae eae ?acoeueoaou oaea i?iaaaeaiiiai aiaeeca e aeatho
i?aeoe/anee iieioth ea?oeio oeiainiaiai iieiaeaiey e e?aaeeoiniiniaiinoe
i?aaei?eyoey.

2.4. Aiaeec aeaeiaiai ?enea

Aeaeiaie ?ene — yoi ?ene, naycaiiue n oai, /oi e?oaiiai?io oiiaeia
caaiueea iiaeao ia caaa?oeoueny a n?ie e n i?aaeiieaaaaiui yooaeoii.
Oaeoi?aie aeaeiaiai ?enea yaeythony ?acee/iua i?e/eiu, i?eaiaeyuea e
i?a?uaiinoe eee caaea?aeea e?oaiiai?ioa oiiaeia ia ioaeaeueiuo noaaeeyo.
Oaeoi?u aeaeiaiai ?enea iiaeii na?oiie?iaaoue ii noaaeeyi e?oaiiai?ioa:

noaaeey — nicaeaiea caiania:

eiee/anoai iinoaaueeia e eo iaaeaaeiinoue;

iiuiinoue e ea/anoai neeaaeneeo iiiauaiee;

niioaaonoaea niiniaa o?ainii?oe?iaee oa?aeoa?o a?oca;

aeinooiiinoue oeai ia nu?uea e aai o?ainii?oe?iaeo aeey caaiueea;

eiee/anoai iin?aaeieeia iaaeaeo iieoiaoaeai e i?iecaiaeeoaeai nu?uey e
ae?oaeo iaoa?eaeueiuo oeaiiinoae;

ioaeaeaiiinoue iinoaaueea;

yeiiiie/aneea oaeoi?u;

iiaea ia caeoiaaiia nu?uea e ae?oaea oeaiiinoe;

oaeoi?u aaethoiiai ?enea;

iianiinoue aaiaea ia?aie/aiee ia auaic e aaic eiii?oiiai nu?uey;

noaaeey — noaaeey i?iecaiaenoaa:

iaee/ea e eaaeeoeeaoeey ?aai/ae neeu;

aic?ano e iiuiinoue iai?oaeiaaiey;

caa?oaeaiiinoue iai?oaeiaaiey;

ninoiyiea i?iecaiaenoaaiiuo iiiauaiee.

noaaeey — noaaeey nauoa:

eiee/anoai iieoiaoaeae e eo ieaoaaeaniiniaiinoue;

aeeaa?neoeoee?iaaiiinoue aeaaeoi?ia;

noaiaiue caueou oi iaieaoaaeae iieoiaoaeae;

i?eiaaeeaaeiinoue caaiueea e aaciaie io?anee ii oa?aeoa?o e?aaeeooaiie
aioiaie i?iaeoeoeee;

noaiaiue eiieo?aioeee a io?anee;

aeeyiea ia oeaio e?aaeeooaiie aioiaie i?iaeoeoeee iauanoaaiiuo
o?aaeeoeee e i?aaeii/oaiee, iieeoe/aneie neooaoeee;

iaee/ea i?iaeai ia?ai?iecaiaenoaa ia ?uiea aeaiiie i?iaeoeoeee;

aeaiia?aoe/aneea oaeoi?u;

oaeoi?u aaethoiiai ?enea;

aiciiaeiinoue aaiaea ia?aie/aiee ia auaic ec no?aiu e aaic a ae?oaoth
no?aio yenii?oiie i?iaeoeoeee.

E?iia oiai, oaeoi?u ?enea ia noaaeee nauoa iiaoo eiiaeie?iaaoueny ec
oaeoi?ia ia?aie e aoi?ie noaaeee. Iiyoiio aeaeiaie ?ene ia noaaeee nauoa
n/eoaaony aieaa aunieei, /ai ia noaaeee nicaeaiey caiania eee
i?iecaiaenoaa.

Ioeaieaay aeaeiaie ?ene IAI “Aeaaeiioeaai?iaeoeo” ia 1 noaaeee iiaeii
naeaeaoue auaiaeu, /oi enoi/ieeaie aai iiaoo auoue ioaeaeaiiinoue
iinoaaueea, yeiiiie/aneea oaeoi?u e oaeoi?u aaethoiiai ?enea. Oae eae
iniiaiui nu?ueai aeey i?aaei?eyoey yaeyaony ca?ii aunieiai ea/anoaa,
eioi?ia i?eoiaeeony caaiceoue ec ioaeaeaiiuo ?aeiiia ?O, a nayce n oai,
/oi ianoiia ca?ii yaeyaony ieceini?oiui (ia niaea?aeeo aeinoaoi/iia
eiee/anoai eeaeeiaeiu e iaeioi?ua ae?oaea yeaiaiou).

AEaeaciiaei?iaeiua ia?aaicee yaeythony aeinoaoi/ii aei?iainoiyueie, oi
yoio oaeoi? aeaeiaiai ?enea, iiaeaeoe, yaeyaony iaeaieaa aaaeiui.

E?iia oiai iaeioi?ua yeiiiie/aneea oaeoi?u e oaeoi?u aaethoiiai ?enea
eiatho aeinoaoi/ii aieueoia cia/aiea. Oae, a ?acoeueoaoa e?ecena 17-ai
aaaonoa i?aaei?eyoea iiianei cia/eoaeueiua oauoee, a oii /enea ca n/ao
iaanoeaiaiey naiae aeaaeoi?neie caaeieaeaiiinoe.

A oiaea a?aiy inoaeueiua ia?a/eneaiiua oaeoi?u aeaeiaiai ?enea ea?atho
cia/eoaeueii iaiueoaa cia/aiea. I?aaei?eyoea eiaao aeinoaoi/ii oe?ieee
e?oa iinoaaueeia ca?ia e aieueoeinoai ec ieo aeinoaoi/ii iaaeaaeiu.
E?iia oiai i?aaei?eyoea yaeyaony aeaaeaeueoeai iiuiuo e ea/anoaaiiuo
neeaaeneeo iiiauaiee. *aua anaai IAI “Aeaaeiioeaai?iaeoeo” caeoiaao
nu?uea e ?aaeecoao i?iecaaaeaiioth i?iaeoeoeeth aac iin?aaeieeia,
iianiinoue aaiaea ia?aie/aiee ia auaic e aaic eiii?oiiai nu?uey aio ia
no?aoia, a oeaiu ia nu?uea e aai o?ainii?oe?iaeo aeey i?aaei?eyoey
aiieia aeinooiiu.

Ia aoi?ie noaaeee — noaaeee i?iecaiaenoaa iaeaieueooth oa?ico aeey
ooieoeeiie?iaaiey i?aaei?eyoey i?aaeinoaaeyao aieueoie aic?ano
iai?oaeiaaiey, eioi?ia i/aiue neaai iiaeaa?aaaony iiaea?iecaoeee e
iaiiaeaieth. I?aaei?eyoea iaeaaeaao aeinoaoi/ii eaaeeoeoee?iaaiiie
?aai/ae neeie, a a iieiaeaiee iauae aac?aaioeoeu a ?O i?iaeai n iaee/eai
?aai/eo ia aicieeaao. Ninoiyiea i?iecaiaenoaaiiuo iiiauaiee oi?ioaa.

Iniiaiua i?iaeaiu i?aaei?eyoea eiaao ia o?aoueae noaaeee — noaaeee
nauoa. Caeanue iniiaiuie oaeoi?aie aeaeiaiai ?enea yaeyaony eiee/anoai
ieaoaaeaniiniaiuo iieoiaoaeae, a eo nae/an iaiiiai. *anoi i?aaei?eyoeth
i?eoiaeeony i?iecaiaeeoue ioa?oceo naiae i?iaeoeoeee n iieaoie a
aaaeothuai, iiae ?aaeecaoeeth, a oaeaea niaa?oaoue aa?oa?iua naeaeee. A
nia?aiaiiie neooaoeee a yeiiiieea ?O iao ieeaeie caueou io iaieaoaaeae
iieoiaoaeae. E?iia oiai nae/an iniaaiii ino?i noieo aii?in eiieo?aioeee
a io?anee — iiiaea i?aaei?eyoey a ?acee/iuo ?aaeiiao ?O a ianoiyuaa
a?aiy auioneaao aunieiea/anoaaiioth e aeaoaaoth ioeo. Iniiaiuie
eiieo?aioaie IAI “Aeaaeiioeaai?iaeoeo” yaeyaony Aaeiai?neee ioeiiieueiue
eiiaeiao, a oaeaea i?iecaiaeeoaee ioee oeaio?aeueiuo ?aeiiia ?O.

A oneiaeyo yeiiiie/aneie ianoaaeeueiinoe aiaeec aeaeiaiai ?enea a iiiaio
auaea/e nnoaeu nouanoaaiii aeiiieiyao ioeaieo e?aaeeoiniiniaiinoe
i?aaei?eyoey ia iniiaa oeiainiauo eiyooeoeeaioia, eioi?ua
?ann/eouaathony ia iniiaa n?aaeieo oaeoe/anee aeaiiuo enoaeoeo io/aoiuo
ia?eiaeia.

Ia?a/eneaiiua oaeoi?u aeaeiaiai ?enea iaycaoaeueii i?eieiathony ai
aieiaiea i?e ?ac?aaioea aaieii noaiaea?oiuo oi?i e?aaeeoiuo cayaie,
oaoieei-yeiiiie/aneeo iainiiaaiee aiciiaeiinoe auaea/e nnoaeu.

Ioeaiea aeaeiaiai ?enea eiiia?/aneei aaieii iiaeao auoue
oi?iaeeciaaoueny e i?iaiaeeoueny ii nenoaia nei?eiaa, eiaaea eaaeaeue
oaeoi? aeaeiaiai ?enea ioeaieaaaony a aaeeao.

Aiaeiae/iay iiaeaeue ioeaiee aeaeiaiai ?enea i?eiaiyaony e ia iniiaa
ae?oaeo e?eoa?eaa. Aaeeu i?inoaaeythony ii eaaeaeiio e?eoa?eth e
noiie?othony. *ai aieueoa noiia aaeeia, oai iaiueoa ?ene e aieueoa
aa?iyoiinoue caaa?oaiey naeaeee n i?iaiice?oaiui yooaeoii, /oi iicaieeo
caaiueeo a n?ie iiaaneoue naie aeieaiaua iaycaoaeuenoaa.

Ana yoi iaycaoaeueii ioaeii o/eouaaoue i?aaei?eyoeth, /oiau
?aaoee?iaaoue naith aeayoaeueiinoue e eiaoue aiciiaeiinoue iieo/aoue
e?aaeeou.

2.5. Noaoenoe/aneea i?iaiiciua iiaeaee

A i?ioeanna i?eiyoey oi?aaeai/aneiai ?aoaiey i auaea/a e?aaeeoa
eniieuecoaony ?yae eeanneoeeaoeeiiiuo iiaeaeae, ioaeaeythueo
oe?iu-aaie?iou io onoie/eauo caaiueeia e i?iaiice?othueo aiciiaeiia
aaie?ionoai oe?iu-caaiueea. Oaeea iiaeaee yaeythony n?aaenoaii
nenoaiaoecaoeee eioi?iaoeee niinianoaotho i?eiyoeth ieii/aoaeueiiai
?aoaiey i i?aaeinoaaeaiee e?aaeeoa e eiio?iey ca aai eniieueciaaieai.
Iaeaieaa ?ani?ino?aiaiiuie yaeythony «Z-aiaeec» Aeueoiaia e Iiaeaeue
iaaeci?a ca nnoaeaie *anna?a.

«Z-aiaeec» aue aaaaeai Aeueiaiii, Oaeueaeaiaiii, e Ia?aeaiie e
i?aaenoaaeye niaie iiaeaeue auyaeaiey ?enea aaie?ionoaa ei?ii?aoeee.

Oeaeue «Z-aiaeeca» — ioianoe eco/aaiue iauaeo e iaeiie ec aeaoo a?oii:
eeai e oe?iai-aaie?ioai, eeai e oniaoii aeaenoaothuei oe?iai. Eeiaeiay
iiaeaeue Aeueoiaia, eee o?aaiaiea Z-ioeaiee, auaeyaeeo neaaeothuei
ia?acii:

Z = 1,2 (1 + 1,4 (2 + 3,3 (3 + 0,6 (4 +1,0 (5.

I?aaeei ?acaeaeaiey oe?i ia a?oiiu oniaoiuo e aaie?ioia neaaeothuaa:

anee Z ( 2,675, oe?io ioiinyo e a?oiia aaie?ioia;

anee Z ( 2,675, oe?io ioiinyo e a?oiia oniaoiuo;

i?e cia/aiee Z io 1,81 aei 2,99 iiaeaeue ia ?aaioaao, yoio eioa?aae —
«iaeanoue iaaaaeaiey».

I?eieiay ca iniiao ninoaaeaiiue ?aiaa aa?aae?iaaiiue aaeain, ia?aiaiiua
aeey o?aaiaiey Z-ioeaiee ?ann/eouaatho neaaeothuei ia?acii:

,

,

,

.

Aeaiioth eiee/anoaaiioth iiaeaeue a i?ioeanna aiaeeca iiaeii
eniieueciaaoue eae aeiiieiaiea e ea/anoaaiiie oa?aeoa?enoeea, aeaiiie
neoaeaueie e?aaeeoiuo ioaeaeia. Iaeiaei iia ia iiaeao caiaieoue
ea/anoaaiioth ioeaieo. Iiaeaeue e iieo/aaiua iin?aaenoaii iaa Z-ioeaiee
iiaoo iineoaeeoue oeaiiui eino?oiaioii ii?aaeaeaiey iauae
e?aaeeoiniiniaiinoe eeeaioa.

Oioy iaeiie ec aaaeiaeoeo caaea/ aaieianeeo neoaeaueo yaeyaony ioeaiea
iieeoeee e yooaeoeaiinoe oi?aaeai/aneie aeayoaeueiinoe ia i?aaei?eyoee,
ii i?yiay ioeaiea — o?oaeiay caaea/a, iiyoiio i?eaaaatho e einaaiiie —
iooai aiaeeca ioiineoaeueiuo iieacaoaeae, io?aaeathueo ia i?e/eiu, a
neiioiiu. Iaeiaei, auyaeyy aiiiaeueiua cia/aiey iieacaoaeae, e?aaeeoiue
aiaeeoee iiaeao i/a?oeoue i?iaeaiiua iaeanoe e auyaeoue i?e/eiu
aicieeathueo i?iaeai.

Oaeoe/anee eiyooeoeeaiou Z-ioeaiee niaea?aeao yeaiaio iaeeaeaiey. Yoi
icia/aao, /oi anee Z-ioeaiea iaeioi?ie eiiiaiee iaoiaeeony aeeaea e
iieacaoaeth n?aaeiae eiiiaiee-aaie?ioa, oi i?e oneiaee
i?iaeieaeathuaainy oooaeoaiey aa iieiaeaiey iia iaaie?ioeony. Anee aea
iaiaaeaea?u eiiiaiee e aaie, iniciaa oeiainiaua o?oaeiinoe,
i?aaei?eieiatho oaae, /oiau i?aaeioa?aoeoue onoaoaeaiea neooaoeee, oi
aaie?ionoaa ia i?iecieaeao, oi anoue Z-ioeaiea yaeyaony neaiaeii ?aiiaai
i?aaeoi?aaeaeaiey.

Oaeei ia?acii, iiaeaeue Aeueoiaia i?eaiaeia aeey ioeaiee iauae
aeayoaeueiinoe eiiiaiee.

I?eiaiyy aeaiioth iiaeaeue e IAI “Aeaaeiioeaai?iaeoeo” iiaeii aiai?eoue
ia ionoonoaee eee ai anyeii neo/aa, ia ioiineoaeueii ieceii ?enea
aaie?ionoaa i?aaei?eyoey (ni. oaae. 6). Cia/aiea ia?aiaiiie Z a oa/aiea
io/aoiiai ia?eiaea iinoiyiii nieaeaeanue, ii ana ?aaii iaoiaeeony ia
aunieii, aeinoaoi/iii aeey i?eiyoey iieiaeeoaeueiiai ?aoaiey i
i?aaenoaaeaiee eiiia?/aneei aaieii e?aaeeoa i?aaei?eyoeth-caaiueeo a
eeoea IAI “Aeaaeiioeaai?iaeoeo” o?iaia.

Nia?aiaiiay iiaeaeue iaaeci?a ca nnoaeaie *anna?a i?iaiice?oao neo/ae
iaauiieiaiey eeeaioii oneiaee aeiaiai?a i e?aaeeoa. I?e yoii iiae
«iaauiieiaieai oneiaee» iiae?acoiaaaaony ia oieueei iaiiaaoaiea nnoaeu,
ii e ethaua ae?oaea ioeeiiaiey, aeaeathuea nnoaeo iaiaa auaiaeiie aeey
e?aaeeoi?a, /ai auei i?aaeoniio?aii ia?aiia/aeueii. Ia?aiaiiua,
aoiaeyuea a iiaeaeue, iiaoo ?ann/eouaaoueny ia iniiaaiee aeaiiuo
ninoaaeaiiiai ?aiaa aa?aae?iaaiiiai aaeaina, /oi iieacaii ieaea.

A iiaeaeue *anna?a aoiaeyo neaaeothuea oanoue ia?aiaiiuo:

,

,

,

,

,

.

Ioeaii/iua iieacaoaee iiaeaee neaaeothuea:

o = – 2,0434 + (–5,24(1) + 0,0053(2 – 6,6507(3 + 4,4009(4 –  0,0791(5 –
0,1020(6.

Ia?aiaiiay o, eioi?ay i?aaenoaaeyao niaie eeiaeioth eiiaeiaoeeth
iacaaeneiuo ia?aiaiiuo, eniieuecoaony a neaaeothuae oi?ioea aeey ioeaiee
aa?iyoiinoe iaauiieiaiey oneiaee aeiaiai?a, ?:

,

aaea a =2,71828. Iieo/aaiay ioeaiea o iiaeao ?anniao?eaaoueny eae
iieacaoaeue aa?iyoiinoe iaauiieiaiey oneiaee e?aaeeoiiai aeiaiai?a. *ai
aieueoa cia/aiea o, oai auoa aa?iyoiinoue iaauiieiaiey aeiaiai?a aeey
aeaiiiai caaiueea.

A iiaeaee *anna?a aeey ioeaiee aa?iyoiinoe iaauiieiaiey aeiaiai?a
eniieuecothony neaaeothuea e?eoa?ee:

anee ? ( 0,50, neaaeoao ioiineoue caaiueea e a?oiia, eioi?ay ia auiieieo
oneiaee aeiaiai?a;

anee ? ( 0,50, neaaeoao ioiineoue caaiueea e a?oiia iaaeaaeiuo.

Iiaeaeue ioeaiee ?aeoeiaa caaiueea *anna?a iiaeoiaeeo aeey ioeaiee
iaaeaaeiinoe e?aaeeoia.

Ii iiaeaee *anna?a IAI “Aeaaeiioeaai?iaeoeo” iiaeoaa?aeaeaaony
iaaeaaeiinoue e?aaeeoia i?aaeinoaaeyaiuo i?aaei?eyoeth.

Iaeiaei, eniieuecoy iaoaiaoe/aneea iaoiaeu i?e oi?aaeaiee nnoaeaie
aaiea, iaiaoiaeeii eiaoue a aeaeo, /oi i?aaeinoaaeaiea eiiia?/aneeo
e?aaeeoia ia anoue /enoi iaoaie/aneee aeo. Yoi neiaeiue i?ioeann, a
eioi?ii aaaeiu eae /aeiaa/aneea ioiioaiey iaaeaeo noi?iiaie, oae e
iiieiaiea oaoie/aneeo aniaeoia. Iaoaiaoe/aneea iiaeaee ia o/eouaatho
?ieue iaaeee/iinoiuo ioiioaiee, a a i?aeoeea e?aaeeoiiai aiaeeca e
e?aaeeoiaaiee yoio oaeoi? iaiaoiaeeii o/eouaaoue.

3. II?AAeAEAIEA EEANNA E?AAeEOINIINIAIINOE

Eeann e?aaeeoiniiniaiinoe eeeaioa ii?aaeaeyaony ia aaca iniiaiuo e
aeiiieieoaeueiuo iieacaoaeae. Iniiaiua iieacaoaee, aua?aiiua aaieii,
aeieaeiu auoue iaeciaiiu ioiineoaeueii aeeeoaeueiia a?aiy. A aeieoiaioa
i e?aaeeoiie iieeoeea aaiea eee ae?oaeo oeene?otho yoe iieacaoaee e
ii?iaoeaiua o?iaie. Iineaaeiea auaatho i?eaioe?iaaiu ia ie?iaua
noaiaea?ou, ii yaeythony eiaeeaeaeoaeueiuie aeey aeaiiiai aaiea e
aeaiiiai ia?eiaea.

Aeey iainiiaaiiiai ii?aaeaeaiey e?aaeeoiniiniaiinoe caaiueeia ?an/aou
iieacaoaeae e?aaeeoiniiniaiinoe oeaeaniia?acii i?iecaiaeeoue ca
ii?aaeaeaiiue ia?eiae (1,5-2 aiaea), /oiau iiaeii auei i?ineaaeeoue
aeeiaieeo. Ia iniiaa i?iaaaeaiiiai aiaeeca eeeaiou eeanneoeoee?othony ii
noaiaie eo e?aaeeoiniiniaiinoe. Iaoiaee/aneeie oeacaieyie I?iino?ieaaiea
i?aaeeaaaaony iiae?acaeaeyoue caaiueeia ia o?e eeanna
e?aaeeoiniiniaiinoe a caaeneiinoe io iieacaoaeae.

Oaaeeoea

Iieacaoaee 1-e eeann 2-e eeann 3-e eeann

Eiyooeoeeaio iie?uoey 3,0 e aieaa io 2,0 aei 3,0 iaiaa 2,0

Eiyooeoeeaio eeeaeaeiinoe 1,5 e aieaa io 1 aei 1,5 iaiaa 1,0

Iaania/aiiinoue nianoaaiiuie enoi/ieeaie aieaa 60 % io 30 aei 60 % iaiaa
30 %

Oeacaiiua iieacaoaee e aeiiieieoaeueiua ea/anoaaiiua iieacaoaee,
oa?aeoa?ecothuea aeayoaeueiinoue i?aaei?eyoee, iicaieytho ioiineoue
caaiueeia e niioaaonoaothuaio eeanno, eioi?ue ii?aaeaeyao oio eee eiie
?aaeei e?aaeeoiaaiey.

Eiie?aoiua oneiaey e?aaeeoiaaiey a caaeneiinoe io e?aaeeoiniiniaiinoe
ii?aaeaeythony a e?aaeeoiii aeiaiai?a.

Ii?aaeaeei eeann e?aaeeoiniiniaiinoe IAI “Aeaaeiioeaai?iaeoeo”. Aeey
yoiai ninoaaei oaae. 8, enoiaey ec ?aeoeiaia, iieacaoaeae eeeaeaeiinoe,
eiyooeoeeaioa iie?uoey e iaania/aiiinoue nianoaaiiuie n?aaenoaaie,
i?eiaiyaoeony iaeiei ec Iueth-ei?eneeo eiiia?/aneeo aaieia a na?aaeeia
90-o aiaeia e ii?aaeaeaiiuo eo eeannia niaeanii oaae. 7.

Iauay ioeaiea e?aaeeoiniiniaiinoe aeaaony a aaeeao. Aaeeu i?aaenoaaeytho
niaie noiio i?iecaaaeaiee ?aeoeiaa eaaeaeiai iieacaoaey ia eeann
e?aaeeoiniiniaiinoe. ( eeann i?enaaeaaaony i?e 100-150 aaeeao, (( eeann
— i?e 151-250 aaeeao e ((( eeann — i?e 251-300 aaeeao.

Niaeanii iieo/aiiuo aeaiiuo a eoiaa, i?aaei?eyoea iiaeii ioianoe ei
aoi?iio eeanno e?aaeeoiniiniaiinoe. Ia o?oaeii caiaoeoue, /oi iaeaieaa
aeaaii?eyoiia oeiainiaia iieiaeaiea iaaethaeaeinue a 96 aiaeo (160
aaeeia) e iaeaieaa aeaaii?eyoiia a 97 aiaeo (240 aaeeia). Iniiaiui
iaaeaaii?eyoiui oaeoi?ii, iiaeeyaoei ia nieaeaiea eeanna
e?aaeeoiniiniaiinoe yaeyaony eiyooeoeeaio iie?uoey. A io/aoiii ia?eiaea
cia/aiea yoiai iieacaoaey ioiineony e o?aoueaio eeanno
e?aaeeoiniiniaiinoe, /oi aiai?eo i iaaeinoaoi/iinoe o i?aaei?eyoey
nianoaaiiiai iai?ioiiai eaieoaea aeey iie?uoey a ioaeiii iauaia aai
e?aoein?i/iie caaeieaeaiiinoe. Iaeiaei, ioaeii caiaoeoue, /oi ?aeoeia,
eee cia/eiinoue iieacaoaey, a oaeaea aai eeann ii?aaeaeyaony
eiaeeaeaeoaeueii aeey eaaeaeie a?oiiu caaiueeia a caaeneiinoe io
iieeoeee aeaiiiai eiiia?/aneiai aaiea, iniaaiiinoe eeeaioa, eeeaeaeiinoe
eo aaeaina, iieiaeaiey ia ?uiea. Iai?eia?, aunieay aeiey e?aoein?i/iuo
?ano?nia, iaee/ea i?in?i/aiiie caaeieaeaiiinoe ii nnoaeai e iaieaoaaeae
iinoaaueeai iiauoatho ?ieue eiyooeoeeaioa auno?ie eeeaeaeiinoe, eioi?ue
ioeaieaaao niiniaiinoue i?aaei?eyoey e iia?aoeaiiio aunaiaiaeaeaieth
aeaiaaeiuo n?aaenoa. Aoyaeaaiea ?ano?nia aaiea a e?aaeeoiaaiea
iinoiyiiuo caiania, caieaeaiiinoue ?acia?a nianoaaiiiai eaieoaea
iiauoaao ?aeoeia iieacaoaey oeiainiaiai eaaa?aaeaea. Ia?ooaiea
yeiiiie/aneeo a?aieoe e?aaeeoa, «cae?aaeeoiaaiiinoue» eeeaioia
auaeaeaatho ia ia?aia ianoi i?e ioeaiea e?aaeeoiniiniaiinoe o?iaaiue
eiyooeoeeaioa oaeouae eeeaeaeiinoe.

Ii iiaio iiaieth cia/aiea iieacaoaey iie?uoey a oaae. 7 ianeieueei
caauoaii, oae eae aeey noieue e?oiiiai i?aaei?eyoey n aunieie aeieae
nianoaaiiuo n?aaenoa ia iaycaoaeueii i?aauoaiea nianoaaiiuo iai?ioiuo
n?aaenoa iaae e?aoein?i/iie caaeieaeaiiinoueth a 2-3 ?aca, aeinoaoi/ii
auei au e iieooi?a ?ac. neaaeiaaoaeueii, eiyooeoeeaio iie?uoey iia au a
96 aiaeo ioiineoueny ei 2 eeanno e?aaeeoiniiniaiinoe, a eeann
e?aaeeoiniiniaiinoe i?aaei?eyoey iia auoue ia?aui, o.a. yoi aua ia ?ac
aeieacuaaao iaeioi?oth oneiaiinoue a ii?aaeaeaiee eeanna
e?aaeeoiniiniaiinoe e iaiaoiaeeiinoue ei??aeoe?iaee aai n o/aoii
aeiiieieoaeueiuo iieacaoaeae. A ea/anoaa eo iiaeii eniieueciaaoue
ioeaieo aeaeiaiai ?enea, ?acoeueoaou aiaeeca aaeaina, ?ann/eoaiiua
oeiainiaua eiyooeoeeaiou, o.a. ana oi /oi oaea auei ?ann/eoaii auoa.

Caeeth/eoaeueiui yoaiii a ?anniio?aiee e?aaeeoiniiniaiinoe IAI
“Aeaaeiioeaai?iaeoeo” aoaeao ?aeoeiaiaay ioeaiea i?aaei?eyoey.

4. ?AEOEIAIAAss IOeAIEA I?AAeI?EssOEss

?aeoeiaiaay ioeaiea i?aaei?eyoey-caaiueea ?ann/eouaaaony ia iniiaa
iieo/aiiuo cia/aiee oeiainiauo eiyooeoeeaioia e yaeyaony
caeeth/eoaeueiui iaiauathuei auaiaeii aiaeeca e?aaeeoiniiniaiinoe
eeeaioa.

Aeey ?aeoeiaiaie ioeaiee eniieuecothony iieo/aiiua ia yoaia iauaai
aiaeeca o?e a?oiiu eiyooeoeeaioia, a eiaiii: oeiainiaiai eaaa?aaeaea,
eeeaeaeiinoe, ?aioaaaeueiinoe, a oaeaea aeaiiua aiaeeca aeaeiaie
aeoeaiinoe i?aaei?eyoey.

Eiyooeoeeaiou oeiainiaiai eaaa?aaeaea e eeeaeaeiinoe eniieuecothony a
?aeoeiaa a nayce n oai, /oi iie eiatho iaoneiaeaiiue yeiiiie/anee
e?eoa?eaeueiue o?iaaiue, eiaaea eae inoaeueiua a?oiiu oeiainiauo
eiyooeoeeaioia — eiyooeoeeaio yooaeoeaiinoe, i?eaueueiinoe,
ianeoaeeaaiey aeieaa, oaeiai e?eoa?eaeueiiai cia/aiey eiaoue ia iiaoo
ec-ca iniaaiiinoae ooieoeeiie?iaaiey eaaeaeiai ioaeaeueii i?aaei?eyoey.
Eiyooeoeeaiou yooaeoeaiinoe, i?eaueueiinoe, ianeoaeeaaiey aeieaa aeatho
nei?aa ea/anoaaiioth ioeaieo ?aaiou i?aaei?eyoey, oiaaea eae ou
oeiainiaiai eaaa?aaeaea e eeeaeaeiinoe niaea?aeao a naaa e ea/anoaaiiue,
e eiee/anoaaiiue aniaeo.

?aeoeiaiaay ioeaiea au/eneyaony neaaeothuei ia?acii. Aeey ?anniio?aiey
aa?oony aeaiiua o?ao oaaeeoe: eiyooeoeeaiou oeiainiaiai eaaa?aaeaea,
eiyooeoeeaiou eeeaeaeiinoe, eiyooeoeeaiou i?eaueueiinoe, a oaeaea
aiaeeca aeaeiaie aeoeaiinoe («cieioia i?aaeei yeiiiieee i?aaei?eyoey»).

Niaethaeaiea e?eoa?eaeueiiai o?iaiy eaaeaeiai ec eiyooeoeeaioia
oeiainiaiai eaaa?aaeaea aeaao 10 % aeey ?aeoeiaiaie ioeaiee,
ianiaethaeaiea eiyooeoeeaioa — 0 %. Oi aea i?aaeei e a ioiioaiee
eiyooeoeeaioia eeeaeaeiinoe.

Anee eaaeaeue ec eiyooeoeeaioia i?eaueueiinoe eiaao iieiaeeoaeueiia
cia/aiea (oi anoue i?aaei?eyoea eiaao i?eaueue), yoi aeaao 5 % aeey
?aeoeiaiaie ioeaiee. Anee cia/aiea eiyooeoeeaioia io?eoeaoaeueiia (o
i?aaei?eyoey oauoie) — 0 %.

Auiieiaiea «cieioiai i?aaeea yeiiiieee i?aaei?eyoey» aeaao 5 %,
iaauiieiaiea — 0 %.

Iaa?aiiia eiee/anoai i?ioeaioia noiie?oaony. Iaeaieueoaa cia/aiea
?aeoeiaiaie ioeaiee 100 %.

I?iaiaeece?iaaa oaeei ia?acii IAI “Aeaaeiioeaai?iaeoeo”, iieo/ei
?aeoeiaiaoth ioeaieo 75 %, 55 %, e 70 % a 96, 97, 98 aiaeo
niioaaonoaaiii. *oi niioaaonoaoao oi?ioaio oeiainiaiio ninoiyieth e
oi?ioaio o?iaith e?aaeeoiniiniaiinoe i?aaei?eyoey a 96 aiaeo,
oaeiaeaoai?eoaeueiiio oeiainiaiio ninoiyieth e oaeiaeaoai?eoaeueiiio
o?iaith e?aaeeoiniiniaiinoe i?aaei?eyoey a 97 aiaeo e n?aaeiaio iaaeaeo
oaeiaeaoai?eoaeueiui e oi?ioei oeiainiaui ninoiyieai e oaeii aea o?iaia
e?aaeeoiniiniaiinoe a 98 aiaeo (ni oaae. 9).

Neaaeoao i?eiyoue ai aieiaiea, /oi aooaaeoa?neee aaeain e iieacaoaee,
?ann/eoaiiua ia aai iniiaa, yaeythony iiiaioiuie aeaiiuie, oi anoue
oa?aeoa?ecotho iieiaeaiea caaiueea ia aeaoo ninoaaeaiey io/aoiinoe, e a
nayce n yoei aiaeec eeeaeaeiinoe aaeaina caaiueea e oeiainiaiai
eaaa?aaeaea aeieaeai aeiiieiyoueny ananoi?iiiei aiaeecii i?aaei?eyoey n
?anniio?aieai ?acee/iuo noaoenoe/aneeo i?iaiiciuo iiaeaeae ?acaeoey e
oeiainiaiai iieiaeaiey i?aaei?eyoey, ioeaieie aai aeaeiaie aeoeaiinoe, a
oaeaea iaaethaeaieai ca ?aaioie i?aaei?eyoey, ninoiyieai e i?iaiicii
aeae a io?anee, a eioi?ie iaoiaeeony i?aaei?eyoea-caaiuee.

I?eeiaeaiea 1.

Oaaeeoea 3. Eiyooeoeeaiou oeiainiaiai eaaa?aaeaea.

Eiyooeoeeaio 96 aiae 97 aiae 98 aiae ?an/ao ii aa?aaaoai Iioeioi

E1 eiyooeoeeaio aaoiiiiee 0,88 0,76 0,72 I5/(A1+A7+ A8) ( 0,5

E2 eiyooeoeeaio iiaeeueiinoe n?aaenoa 0,36 0,59 0,78 A1/(A7+A8) ( 0,5

E3 eiyooeoeeaio iaiaa?aiiinoe n?aaenoa 0,56 0,44 0,45 (A1-I3)/A1 ( 0,2

E4 ioiioaiea nianoaaiiiai eaieoaea 7,10 3,23 2,60 I5/(I2+I3+I4) ( 1

E5 eiyooeoeeaio iaania/aiiinoe nianoaaiiuie n?aaenoaaie 0,54 0,36 0,35
(I5-A7-A8)/A1 ( 0,1

Oaaeeoea 4. Eiyooeoeeaiou i?eaueueiinoe.

Eiyooeoeeaio eiiaoe 96 aiaea eiiaoe 97 aiaea eiiaoe 98 aiaea ?an/ao ii
aa?aaaoai

E1 eiyooeoeeaio ?aioaaaeueiinoe au?o/ee io ?aaeecaoeee 0,158 0,059 –
0,002 I16/I12

E2 eiyooeoeeaio ?aioaaaeueiinoe iauaai eaieoaea 1,010 0,364 – 0,001
I16/(A1+A7+A8)

E3 eiyooeoeeaio ?aioaaaeueiinoe aeoeeiia?iiai eaieoaea 0,126 0,048 –
0,002 I16/I5

E4 eiyooeoeeaio naiioeiaine?iaaiey 0,24 0,71 — I15/I16

CAEETH*AIEA

Oeaeueth aeaiiie ?aaiou yaeeinue eco/aiea aii?inia aiaeeca
e?aaeeoiniiniaiinoe e ieaoaaeaniiniaiinoe a oii aeaea, eioi?ue
oieaa?naeai aeey anao i?aaei?eyoee, iacaaeneii oi ?iaea eo
aeayoaeueiinoe.

Iaeiaei niaoeeaeecaoeey i?aaei?eyoey iaeeaaeuaaao naie iniaaiiinoe ia
caaea/e e ?acoeueoaou aiaeeca aai e?aaeeoiniiniaiinoe. A?oiie?iaea
iieacaoaeae e?aaeeoiniiniaiinoe, aeaiiay a yoie ?aaioa, aeinoaoi/ii
oneiaia. ?a/ue eaeao i oii, eaeea oeiainiaua iieacaoaee i?aaenoaaeytho
eioa?an aeey oao eee eiuo th?eaee/aneeo e oece/aneeo eeoe, eiathueo n
iei yeiiiie/aneea ioiioaiey, a eiia/iii eoiaa. Ii aeey oiai, /oiau
i?aaeeueii ioeaieoue o?iaaiue e aeeiaieeo eaaeaeiai iieacaoaey,
ii?aaeaeythuaai e?aaeeoiniiniaiinoue, iaiaoiaeeii i?aaenoaaeyoue naaa
ana oeiainiaia ninoiyiea iieiinoueth. Ana iieacaoaee acaeiicaaeneiu:
iaeuecy, iai?eia?, i?aaeeueii ioeaieoue neiaeeaoeeny o?iaaiue
aeeaeaeaiaeia ia aeoeee, ia i?iaiaeece?iaaa aeeiaieeo aaeainiaie
i?eauee, ?aioaaaeueiinoe e iai?a/eaaaiinoe eaieoaea, ieaoaaeaniiniaiinoe
e oeiainiaie onoie/eainoe i?aaei?eyoey. O?iaaiue e aeeiaieea eaaeaeiai
iieacaoaey iaania/eaathony o?iaiai e aeeiaieeie ae?oaeo iieacaoaeae.
Aiaeece?oy e?aaeeoiniiniaiinoue, iaiaoiaeeii ioeaieoue ea/anoaaiioth e
eiee/anoaaiioth acaeiicaaeneiinoue anao oeiainiauo iieacaoaeae.

A oneiaeyo ianoaaeeueiie yeiiiieee (iai?eia?, niaae i?iecaiaenoaa),
aunieeo oaiiia eioeyoeee oaeoe/aneea iieacaoaee ca i?ioeua ia?eiaeu ia
iiaoo yaeyoueny aaeeinoaaiiie aacie ioeaiee niiniaiinoe eeeaioa
iiaaneoue naie iaycaoaeuenoaa, aeeth/ay nnoaeu aaiea, a aoaeouai. A yoii
neo/aa aeieaeiu eniieueciaaoueny eeai i?iaiiciua aeaiiua aeey ?an/aoa
iacaaiiuo eiyooeoeeaioia, eeai ?anniao?eaaaiue niinia ioeaiee
e?aaeeoiniiniaiinoe i?aaei?eyoey (i?aaiecaoeee) aeiiieieony ae?oaeie. E
iineaaeiaio iiaeii ioianoe aiaeec aeaeiaiai ?enea a iiiaio auaea/e
nnoaeu.

I?iaiaeece?iaaa aooaaeoa?neoth io/aoiinoue IAI “Aeaaeiioeaai?iaeoeo” ca
97-98 aiaeu iiaeii aiai?eoue ia ioiineoaeueiie e?aaeeoiniiniaiinoe
i?aaei?eyoey. Iieiaeeoaeueii ia yoii aiai?yo ?ann/eoaiiua eiyooeoeeaiou
oeiainiaiai eaaa?aaeaea, eiyooeoeeaio oaeouae eeeaeaeiinoe, iieacaoaeue
ieaoaaeaniiniaiinoe i?aaei?eyoey, a oaeaea ?acoeueoaou i?iaaaeaiiuo
noaoenoe/aneeo i?iaiicia ?acaeoey e oeiainiaie onoie/eainoe i?aaei?eyoey
e aunieia cia/aiea eiyooeoeeaioa ianeoaeeaaiey aeieaa. A oi aea a?aiy i
iaaeaaii?eyoiii iieiaeaiee i?aaei?eyoey aiai?yo eiyooeoeeaiou auno?ie e
n?i/iie eeeaeaeiinoe, i?eaueueiinoe, nieaeaiea cia/aiee eiyooeoeeaioia
iai?a/eaaaiinoe (yooaeoeaiinoe), a oaeaea ?acoeueoaou ?an/aoa aeaeiaie
aeoeaiinoe i?aaei?eyoey a io/aoiii ia?eiaea.

Iaeaieaa oi/ii oeiainiaia ninoiyiea i?aaei?eyoey, aai iieiaeaiea a
io?anee e ia?niaeoeau ?acaeoey io?aaeaao ioeaiea aeaeiauo ?eneia,
aeiiieiaiiay ?an/aoii eeanna e?aaeeoiniiniaiinoe e ?aeoeiaii
i?aaei?eyoey. O.a. iiaeii aiai?eoue i iaaunieie noaiaie aaieianeiai
?enea i?e auaea/a nnoaeu IAI “Aeaaeiioeaai?iaeoeo”. I?e/ai, ?ene, nei?aa
anaai, aoaeao caeeth/aoueny ia a iaaica?aoa nnoaeu aaieo, a a caaea?aeea
aa aica?aoa, /oi iiaeao auoue ca?aiaa iaiai?aii e?aaeeoi?ii e caaiueeii.

A iauai, i?aaei?eyoea yaeyaony aeinoaoi/ii e?aaeeoiniiniaiui e i?i
iaaunieeo ?acia?ao nnoae (aei 1/8 noieiinoe iniiaiuo oiiaeia) niiniaii
iieiinoueth e a n?ie iiaaneoue a?.

NIENIE ENIIEUeCIAAIIUO ENOI*IEEIA

Ai?iaueaaa-Na?iaoiaa O.A., Eaaiia TH.I., Nieoeeia O.N. Ca?oaaaeiua
aaieianeea iieacaoaee. — Aaieianeia aeaei. — 1996. ?1. — N. 22.

Aeiioeiaa E.A., Ieeeoi?iaa I.A. Ninoaaeaiea e aiaeec aiaeiaie
aooaaeoa?neie io/aoiinoe. — I.: EEOe «AeEN». – 1997. — N. 88.

Ee?enthe A.I., Eyoianeee A.N. Ioeaiea aaieii e?aaeeoiniiniaiinoe
caaiueea. — Aeaiueae e e?aaeeo. — 1993. — ?4. — N. 34.

Eiaaeaa A.A. Oeiainiaue aiaeec: oi?aaeaiea eaieoaeii. Auai? eiaanoeoeee.
Aiaeec io/aoiinoe. — I.: Oeiainu e noaoenoeea. – 1995. N. 285-294.

Eiiae?aeia I.I. Iaoiaeeea aiaeeca oeiainiaiai ninoiyiey a oneiaeyo
ia?aoiaea e ?uieo. — Aeaiueae e e?aaeeo. — 1992. — ?5. — N. 45.

E?aeieia I. Ioeaiea iaieaoaaeaniiniaiinoe e oeiainiaie onoie/eainoe
i?aaei?eyoee. — Yeiiiieea e aeeciue. — 1997. — ?6 N. 34.

Eocueiei E.A. e Naciiia A.TH. E aii?ino ia ioeaiea e?aaeeoiniiniaiinoe
caaiueea. — Aeaiueae e e?aaeeo — 1997 — ?5. — N. 28-32.

Eooooaa A.A. Iieacaoaee ieaoaaeaniiniaiinoe e eeeaeaeiinoe a ioeaiea
e?aaeeoiniiniaiinoe caaiueea. — Aeaiueae e e?aaeeo. — 1996. — ? 12. — N.
55 — 60.

Eaa?ooeia I.E. Aaieianeia aeaei. — I.: Aaieianeee e ae?aeaaie iao/ii
eiinoeueoaoeaiue oeaio?, No?aoiaia iauanoai «?iNOi». — 1992. N. 162.

Eeoaei I.E. eae ii?aaeaeyoue iio?aaiinoue a iai?ioiuo n?aaenoaao. —
Oeiainu. — 1996. — ? 10. — N. 12.

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